However, we continue to stand ready to react to downside shocks. While cyclical conditions have improved, we still need to address, without delay, the legacy of the crisis and reinforce the structural underpinnings of our Union. Tomorrow would have been the 97th birthday of a former President of the European Parliament, Emilio Colombo.
Let me recall his words of almost 40 years ago, which have particular 4/5  BIS central bankers' speeches  resonance now, when one Member State has given notice of its intention to leave the Union: We have no reason for complacency about the present state of Europe in spite of the efforts we have made.