The sustainability of European monetary union and institutional reform

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Presentation transcript:

The sustainability of European monetary union and institutional reform The ECB and its watchers conference - Frankfurt, 14 March 2018 François VILLEROY de GALHAU, Governor of the Banque de France

THREE CLICHES TO OVERCOME Vision vs. pragmatism A « Financing Union for Investment and Innovation »

A Financing union for investment and innovation Capital Markets Union Incentives for cross-border investments (equity): accounting, taxes, insolvency laws Long-term pan-European savings products; European venture capital Innovation and digitalisation Savings exceed investment by more than €350bn, but fragmentation The microeconomic accelerator: A Financing Union for Investment and Innovation Scaling-up of SMEs Equity/GDP: 73% in the EA, 123% in the US (Q3 2017) Completion of Banking Union; Consolidation of European banks Control of vital financial activities and risks Green finance and energy transition

THREE CLICHES TO OVERCOME Vision vs. pragmatism A « Financing Union for Investment and Innovation » Action at European level vs. national reforms Stabilisation: a collective economic strategy and a precautionary stability-oriented instrument, within ESM/EMF Allocation: a euro area investment budget

Three accelerators of the Economic Union Macroeconomic accelerator: A collective economic strategy, A precautionary-oriented instrument, a euro area investment budget S National reforms Microeconomic accelerator: A Financing Union for Investment and Innovation Fiscal accelerator: Euro area investment budget A S A S A Allocation function S Stabilisation function 5

THREE CLICHES TO OVERCOME Vision vs. pragmatism A « Financing Union for Investment and Innovation » Action at European level vs. national reforms Stabilisation: a collective economic strategy and a precautionary stability-oriented instrument Allocation: a euro area investment budget Risk reduction vs. risk sharing Practical compromises: Enhancement of private risk sharing Completion of the Banking Union (EDIS) Institutional architecture of the euro area

FOUR accelerators of the Economic Union Macroeconomic accelerator: A collective economic strategy, A precautionary-oriented instrument, a euro area investment budget S National reforms Microeconomic accelerator: A Financing Union for Investment and Innovation Fiscal accelerator: Euro area investment budget A S A S Institutional accelerator: Euro area Finance Minister A Allocation function S Stabilisation function