I thank you all for giving me this opportunity to address this august gathering. I hope some of the issues that I have raised will be discussed in this Summit and some solutions found. I wish you all the best. BIS central bankers’ speeches  5
The first two promises have been fulfilled and generated strong support for the European project. But many now consider that the third promise has not been kept. Europe has suffered from the worst economic crisis since the 1930s. It partly originated abroad but it was partly also of its own making. Next summer it will be ten years since the crisis erupted in Europe.