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European Central Bank @ecb
, 9 tweets, 3 min read Read on Twitter
(THREAD) Mario Draghi is speaking at the School of Advanced Studies @SantAnnaPisa in Italy today. With the euro turning 20 soon, he looks back at the creation of the Single Market and its benefits. Read on to find out more. Full speech here… #EUROat20 1/9
Draghi: The Single Market is often seen simply as an expression of the globalisation process, which over time has even eliminated exchange rate flexibility. But the Single Market and globalisation are not the same thing. 2/9
Draghi: Contrary to the wider process of globalisation, the Single Market has allowed Europe to impose its values on economic integration – to build as free and just a market as possible 3/9
Draghi: Monetary Union has succeeded in many ways, but it has not delivered all the gains that were expected, partly because of domestic policy choices and partly because of the Monetary Union being incomplete 4/9
Draghi: We should consider what gains have been made as a result of having one market with one money. The euro has protected the Single Market and driven growing trade, with intra-EU exports rising from 13% to 20% of EU GDP since 1992 5/9
Draghi: The single currency has allowed countries to regain monetary sovereignty compared with the fixed exchange rate regimes of the past. Decision-making over monetary policy is now shared among all euro area countries 6/9
Draghi: Several euro area countries have achieved significant convergence, particularly the Baltic countries, Slovakia, Malta and Slovenia. In these countries, the gap between real GDP per capita and the euro area mean has been reduced by around one-third since 1999 7/9
Draghi: Each country has its own agenda for reform, but structural reforms are the only way to create the conditions for sustainable growth in wages, productivity and employment and to underpin our welfare state 8/9
Draghi: The fascination with illiberal prescriptions and regimes is spreading; we are seeing little steps back in history. And this is why our European project is even more important today. Read the full speech here… 9/9
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