Isabel Schnabel: Made in Europe
Speech by Ms Isabel Schnabel, Member of the Executive Board of the European Central Bank, at a lecture in memory of Eugen Böhm von Bawerk, Österreichische Akademie der Wissenschaften, Vienna, 11 February 2026.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Presentation accompanying the speech
We are living through a period of radical transformation. Technological progress is accelerating alongside profound geopolitical shifts, rewriting the rules that have governed global growth, trade and security for decades.
In this polarised world, Europe is often portrayed as a continent in decline, squeezed between geopolitical rivals, held back by excessive regulation and struggling to keep pace with rapid technological change.
In my remarks this evening, I will argue that although this narrative is appealing in its simplicity, it is misleading.
By many measures, Europe is among the regions with the highest quality of life, grounded in strong institutions, a high degree of social protection and an exceptional capacity to adapt in times of crisis.
Europe can build on these fundamentals to become even stronger.
I will explain that the key is to unlock the full potential of the Single Market – one of Europe's most powerful assets – to deliver what Europe lacks today: not talent, not ideas, not research – but scale.