Terrorism poses a challenge to the remarkable record of globalization. A global society reflects an ever more open economic environment in which participants are free to engage in commerce and finance wherever in the world the possibilities of increased value added arise. It fosters ever greater cross-border contact and further exploitation of the values of specialization but on a global scale.
It was the final step in the process of making the ECB a modern central bank since Mario Draghi’s “whatever it takes” speech. The ultimate reason for the strategy review was the emergence of profound structural changes in the euro area and the world economy.