On September 19, Mario Draghi, Director of the European Central Bank, visited Berlin. He adressed his audience of 300 guests at the Hertie School of Governance with a great speech, calling for more unity in the European Union. More growth was needed. This could be achieved by removing trade barriers and boosting trade, he said. Europe needed trust in itself.
Here are his major thoughts:
Only half of all Europeans see their country´s membership in the EU as a good thing.
For a single market the sustainability is much lower than on a common market.
A focus is needed to create a common European market that can add value.
A single market is needed to tackle the challenges of an aging society, and to create productivity growth.
Innovations are competing well in comparison to international competitors. But they need time to create growth.
In this context is single market can help in many ways:
In services, a single markets can achieve a lot. Open trade is a key factor to faster infusion of innovations. Services there can boost productivity, by raising trade and services.
Even more in a fully integrated market. Integrated markets help to share risks.
According to one estimate, removing all the barriers of trade could raise the capital income by up to 40% over 10 years and double inter EU trade.
Europe needs faith in it self.
No union is perfect from the very first day. It is an evolutionary process.
Today’s priorities include personal and economic security.
Restauration of growth is needed.
As a journalist, I wonder how to transfer his ideas into a message people can understand!