Roberta METSOLA, EP President, gives an address to the working dinner of the "25 years of European Central Bank" organised in Frankfurt, Germany. The transcription is the result of an automatic process. Please, check against delivery.

statement

European Central Bank

METSOLA, Roberta (EPP, MT, EP President)

Germany

Frankfurt

president's agenda

Address by Roberta METSOLA, EP President to the "25 years of European Central Bank" working dinner

SOUNDBITE (English) Roberta METSOLA, EP President, President Lagarde, Dear Christine, Chancellor Scholz. President Michel, President von der Leyen, distinguished guests. The ECB is no stranger to change and to getting us out of the toughest spots. Its roots can be traced back to the largest monetary changeover in history. As we saw in 1998. It was set up as an EU institution at the core of our euro system.

SOUNDBITE (English) Roberta METSOLA, EP President, That was an act of political courage and of foresight. The responsibility it holds has always been enormous. And yet even the most Europeans of Europeans could not have predicted just how central a role it would play in its first 25 years, a role central to our banking system, to our economic stability, to our outlook, to our sustainable growth. And central to Europeans being able to achieve their aims.

SOUNDBITE (English) Roberta METSOLA, EP President, I will continue from where Chancellor Scholz left off when 11 years ago mario Draghi's Whatever It Takes moment marked a turnaround of Europe's sovereign debt crisis. It is what turned a banking into institution into, perhaps one would say, an unlikely superhero. It gave confidence to investors, to banks, to markets, to citizens. It gave us the way forward we needed so badly. And that is what the ECB has meant for our way of life.

SOUNDBITE (English) Roberta METSOLA, EP President, And those three words became the mantra not just for the European Central Bank, but for the European Union as a whole. It took conviction, ambition, negotiation and compromise to overhaul our economic and monetary framework back in 2012. The same spirit was required two years ago when we came together to agree on the unprecedented next generation new. Today, we can be proud that in the face of this challenging geopolitical context of high energy prices, of inflation and illegal war on our borders, all framed within an ongoing climate crisis and a post-pandemic recovery, the European economy continues to show resilience.

SOUNDBITE (English) Roberta METSOLA, EP President, We have shown that we can absorb the shocks to our systems. The ECB, thanks in no small part to the leadership and the force of nature that is, President Lagarde continues to persevere. It is leading. But perhaps it is time to restate what should be the obvious. Our European economy depends on our banks. They are the litmus test of our economy, our small businesses, our multinationals. The very basis of our own economic growth depends on us providing the right framework.

SOUNDBITE (English) Roberta METSOLA, EP President, A green and digital transition is only possible if we can manage to support and sustain economic growth. That is the only way we can hope to service the debts incurred in the post-pandemic recovery. Yes, growth must be based on new models, on sustainable footings, on new ways, but that is the only way forward. It is how we address the real issues and cushion the challenges facing businesses and families across Europe who are feeling the pinch, who face higher bills on certain housing markets, and who struggle to make it to the end of the month.

SOUNDBITE (English) Roberta METSOLA, EP President, If our businesses and industries are to create jobs, generate wealth, ensure Europe's global competitiveness and keep capital in Europe, we need to complete our banking union and our capital markets union. We cannot afford that. We lose out largely thanks to the ECB leadership and the courageous way that we have tackled inflation. We have restored confidence in our systems and I know that we will stay the course, but we must remain vigilant.

SOUNDBITE (English) Roberta METSOLA, EP President, So on today's special occasion, I would like to join in applauding the work of the ECB and its four successive presidents over the past 25 years. President Lagarde, President Draghi, President Trichet, and the late President Duisenberg, who have steered this institution from strength to strength, are not only safeguarded but reinforced our common currency. Who faced those who bet against us and answered scepticism with stability. So here's to them and to you all, Happy a quarter of a century. Thank you.