Whoever lived there and worked there felt himself free of all confinement and prejudice.”ix I admire this Viennese spirit, which combines audacity and liberty, and which was the cradle of the greatest minds of our contemporary era. Today, as Europe’s time may be here again, I hope that this spirit will continue to inspire us. Thank you for your attention. i  I would like to thank P. Andrade, P. Antipa, G. Cette, M. Dujardin, O. Garnier, A. Lojschova, B. Mojon and B. Rudelle for their help in preparing this speech. ii Eurosystem staff macroeconomic projections for the euro area, September 2017. iii See e.g. Blanchard (O. ), Cerutti (E.), and Summers (L.) (2015) “Inflation and Activity - Two Explorations and their Monetary Policy Implications,” National Bureau of Economic Research Working Paper No. 21726, November. iv Guilloux-Nefussi (S.) (2016) "Globalization, Market Structure and Inflation Dynamics," Banque de France Working Papers 610. v See e.g. Andrade, Philippe, Johannes Breckenfelder, Fiorella De Fiore, Peter Karadi, and Oreste Tristani (2016) “The ECB's asset purchase programme - an early assessment” ECB Working Paper No. 1956 and Arrata, William and Benoît Nguyen (2017) “Price Impact of Bond Supply Shocks: Evidence from the Eurosystem's asset purchase program” Banque de France Working Paper No. 623. Page 9 sur 8 vi  See e.g. D’Amico Stefania and Thomas B.
3 As measured by the change in the cyclically-adjusted primary balance, European Commission (2021),  “European Economic Forecast” – Spring 2021 4 McKinsey (2021), “The future of work after COVID-19”. 5 Bloom, N. et al. (2012), “Really Uncertain Business Cycles”, NBER Working Paper Series, No 18245, National  Bureau of Economic Research, July. 6 Batini, N., di Serio, M., Fragetta, M., Melina, G. and Waldron, A. (2021), “Building Back Better: How Big Are Green  Spending Multipliers?”, IMF Working Papers, No 87, International Monetary Fund, March. 7 Darvas, Z. and Tagliapietra, S. (2021), “Setting Europe’s economic recovery in motion: a first look at national  plans”, Bruegel, 29 April. 8 European Commission (2021), “The euro area”, Flash Eurobarometer 488, May. 80% of thosesurveyed believe  that having the euro is a good thing for the EU and 70% say the same aboutthe euro and their country. 4/4  BIS central bankers' speeches