Looking forward, the gradual return to higher interest rates if growth levels increase should not concern us unduly. What should worry us instead is the risk that rates increase as a result of a fall in market confidence, the consequences of which, given the weight of public debt, could prove serious.
We are facing difficult issues in Europe: the exit of the United Kingdom from the European Union, growing migration flows, the threat of terrorism. The biggest obstacle is the dearth of confidence that has developed in recent years, the return of mutual mistrust and prejudice among member states and between the peoples of Europe and its institutions. We must take arms against these tendencies.