Striking the right balance in policies and institutions in the euro area

Good morning all,

Thank you for inviting me here to speak about economic policy in the euro area in the spirit of Mark Twain. In the instructions to this Twain Talk, the organizers asked me not to focus too much on socalled "known knowns". This is an easy task for a central banker in current times. In recent years, we have faced many unprecedented policy challenges. And we have had to implement policies that reached well beyond what we considered conventional before the crisis.