Isabel Schnabel: Made in Europe

Résumé détaillé

The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.

We are living through a period of radical transformation. Technological progress is accelerating alongside profound geopolitical shifts, rewriting the rules that have governed global growth, trade and security for decades.[1]

In this polarised world, Europe is often portrayed as a continent in decline, squeezed between geopolitical rivals, held back by excessive regulation and struggling to keep pace with rapid technological change.

In my remarks this morning, I will argue that although this narrative is appealing in its simplicity, it is misleading.

By many measures, Europe is among the regions with the highest quality of life, grounded in strong institutions, a high degree of social protection and an exceptional capacity to adapt in times of crisis.

I will explain that the key is to unlock the full potential of the Single Market – one of Europe’s most powerful assets – to deliver what Europe lacks today: not talent, not ideas, not research – but scale.

By giving firms seamless access to the entire European market, it would provide the scale needed to convert innovation into economic growth. It would allow Europe to compete as one economy rather than 27, and help create something Europe has long been missing: a true “Made in Europe” brand.

Europe stands out globally for its quality of life, built on strong economic, social and institutional foundations.

Happiness and life satisfaction in Europe consistently rank among the highest in the world (Slide 2). This goes beyond income or wealth – it reflects the broader conditions that allow people to live secure, fulfilling and prosperous lives.

Social protection, accessible public infrastructure, high-quality public education and family support help turn economic prosperity into tangible improvements in people’s lives.[2]

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