This forum and similar events recently organised in Frankfurt and Paris testify however to the demand for such markets within the euro area. Moreover, the economic size and well-developed financial markets of the euro area inevitably mean that it will play a role in the internationalisation of China’s currency.
We keep repeating this call because the combination of sound fiscal policies and improved economic structures has the potential to make monetary policy more effective by encouraging economic actors to take advantage of improved financing conditions and increase investment. Monetary policy can and will smooth and accelerate the transition to a sustainable growth trajectory, but it cannot lift that trajectory.