As President of the European Central Bank, I will interpret the term Europe as the European Union. Thus, I will take the title of the congress as an encouragement to discuss the EU’s main characteristics. I think it is the right time to reflect upon the key features of the EU. Europe stands at the crossroads.
It needs to take the right decisions now in order to maintain its major qualities in the coming years. What are the main tasks facing the EU? First, the Union needs to give itself an institutional foundation - a solid Constitution - that makes the EU fit for the future. Second, the Union has to integrate an unprecedented number of new Member States.