Published on February 5th, 2016 08:57 PM
Marjolin lecture delivered by Mario Draghi, President of the ECB,
at the SUERF conference organised by the Deutsche Bundesbank, Frankfurt, 4 February 2016
Robert Marjolin was a pivotal figure in the birth of Economic and Monetary Union. When the Treaty of Rome was signed in 1956, the aims of European Economic Community were largely limited to creating a customs union and a common agricultural market. Neither was perceived to require monetary integration. It was only with the launch of the so-called “Marjolin Memorandum” in 1962 that the recognition surfaced that a single market and a single money were linked and that a serious discussion on European monetary integration began.
Today, more than 60 years on, monetary integration in the euro area is both complete and secure. But monetary policy faces many challenges. Those challenges have not changed our mandate. But they have altered the way in which we deliver it.
To understand how we have responded to those challenges, it is