14  Quoted by J.-C. Trichet in “Building Europe, building institutions”, speech delivered on receiving the Karlspreis in Aachen, 2 June 2011. 15  Incidentally, an increasing body of literature emphasises the importance of economic “culture” on economic outcomes. See for instance S. Bützer, C. Jordan and L. Stracca (2013). Macroeconomic imbalances, a question of trust?
ECB Working Paper Series, No 1584 / August 2013. See also Y. Algan and P. Cahuc (2007), La société de défiance. Comment le modèle social français s’autodétruit. Editions Rue d’Ulm. BIS central bankers’ speeches  5  adjustments in terms of activity, employment and social protection. At the same time, risktaking must be at the service of entrepreneurship, not of financial speculation.