That’s why, in face of a global economic slowdown, economic policy needs to ensure that people continue to move out of poverty in the years to come. 2/3  BIS central bankers' speeches  Please join me in congratulating Gabriel on being awarded this year’s Bernácer Prize. Gabriel, I wish you continued success and look forward to following your future work.
*  *  *  Ladies and Gentlemen, Mutual trust is a precondition for effective cooperation between European institutions and between the national and European level – trust that each institution acts lawfully and within its area of responsibility. The separation of powers as well as checks and balances are fundamental achievements of modern democracies.