In contrast to natural disasters, last week's events are of far greater concern because they strike at the roots of our free society, one aspect of which is our market-driven economy. All modern economies require the confidence that free-market institutions are firmly in place and that commitments made today by market participants will be honored not only tomorrow, but for years into the future.
But things have actually changed for the better of late: the economic recovery is gaining momentum and has spread to all EUcountries. Today, I will paint a positive picture of the current development and will also talk about the positive outlook. Yet in my remarks I will also focus on the two big challenges the EU faces, namely Brexit and euro area reform.