But to go further, the European nations must continue to lead the way. It is vital that all nations engage fully in the European historical endeavour and look with confidence to the future. There are many grounds to be confident in our long-term future. Europe is in the vanguard of nations working peacefully together. We have replaced confrontation and conflict with cooperation and consensus.
We have combined political freedom with economic freedom and social peace. We have proved that our single currency is stable and credible, preserving price stability over time. Let us carry this noble endeavour further by giving Europe now and for the longer term the institutions it deserves. Thank you for your attention. BIS central bankers’ speeches  7