In this speech, I will focus on policies for strengthening the recovery of the European economy from the pandemic crisis and enhancing economic and financial resilience to potential future shocks. It is important that this severe crisis does not go to waste, to paraphrase Winston Churchill.
*** Before I develop my main points, let me briefly reflect on recent economic developments and the response of economic policies to this once-in-a-lifetime health shock. After recovering from the previous financial and sovereign debt crisis, the growth of the European economy had been slowing in 2018 and 2019 under the influence of increased tensions in international trade and other challenges in European industry.