Europe is in a time of disruption. Technological disruption, geopolitical uncertainty and climate transition are changing the global economy faster and more fundamentally than previously expected. In this situation, we must create clarity, stability and direction, emphasized Governor Christian Kettel Thomsen in his dinner speech at the biannual informal meeting of the EU's finance ministers and central bank governors.
With Søren Kierkegaard's thoughts: " Life can only be understood backwards; but it must be lived forwards", Christian Kettel Thomsen began a reflection on Europe's economic future and the need for joint action.
The EU can be strengthened, among other things, by streamlining the growing amount of financial regulation, the Governor emphasized. "We should not throw the baby out with the bathwater”, but we must ensure that the rules support funding and innovation – without compromising stability.
At the same time, EU countries should create better opportunities to increase productivity. "Productivity is about investing in skills, in education, in research and innovation", but also about removing barriers in the Single Market and releasing capital. “All this involves important political choices – choices that must be made if we are to secure long-term prosperity for all Europeans" said Christian Kettel Thomsen.
Finally, the European market must be open to support international trade: "Europe must walk a careful line. We must remain open but not exposed. Strategic, but not insular", said Christian Kettel Thomsen.
In conclusion, Christian reminded that the EU's strength is the ability to bring diversity together in a common direction. "Fortunately, we are not walking alone… That is what makes meetings like this so vital. They are not just about policy. They are about trust".
(The speech can be found in English below).
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