Jean-Claude Trichet: European priorities - an ECB perspective Speech by Mr Jean-Claude Trichet, President of the ECB, at the European Institute, Washington, 23 April 2004. *  *  *  Ladies and gentlemen, The introduction of the single European currency has been a historical landmark. For more than five years now, we have had a single currency and a monetary policy conducted by the Eurosystem, consisting of the European Central Bank and the national central banks of the euro area. The euro has been firmly and credibly established as a stable currency. The euro area has witnessed a period of moderate inflation rates and low long-term interest rates. Almost all countries have seen their lowest market interest rates since the Second World War. Where do we stand now and which are the “European priorities” we are currently facing? I would like to concentrate on three key priorities, which I consider particularly challenging at the current juncture: the historical enlargement process of Europe, the need for higher growth and employment by means of structural reforms and the necessity of implementing an original concept of fiscal surveillance in a single currency area. The historic enlargement of Europe Ten countries in Central and Eastern Europe and in the Mediterranean will join the European Union (EU) on 1st May 2004. This upcoming enlargement is profoundly rejoicing. It is an emblematic illustration of the victory of political democracies on totalitarism. It is a living demonstration of the efficiency of market economy rules.
Singapore has political and economic stability, well-regulated financial markets, excellent transport and digital connectivity, a skilled talent pool, and extensive trade linkages with ASEAN. Singapore has one of the most vibrant PE/VC ecosystems in Asia. PE/VC assets under management increased by 42% year-on-year to $ billion in 2021. Over the last five years, growth in PE/VC investments has averaged nearly 30% per annum. As of June this year, there were a total of 428 PE/VC managers in Singapore, up from 336 at the start of 2021. Many existing players have expanded their capabilities and investment teams. The Asia Pacific region remains the top investment region for this group of managers, with 55% of assets invested within the Asia Pacific. Singapore accounted for 46% of the record-high $ billion in VC deal value in ASEAN last year [5] . To make PE/VC investment opportunities more accessible, we now have private market platforms in Singapore – such as ADDX and CapBridge. MAS is working to anchor more such platforms here. Investing to deliver sustained long-term returns in an increasingly uncertain world is no easy task. I hope today’s conference will give you ideas for growth and opportunities to connect with valuable partners. Thank you and best of luck. [1] Boissay, F, De Fiore, F, and E Kharroubi, “Hard or Soft Landing?”, BIS Bulletin No.59, July 2022 [2] BIS Annual Economic Report 2022 [3] Bain & Company Asia-Pacific Private Equity Report 2022 [4] Preqin Territory Guide ASEAN 2022 [5] Preqin Territory Guide ASEAN 2022