Fran?ois Villeroy De Galhau: Europe's Growth Gap - Reconciling Keynes and Schumpeter
High-level lecture by Mr François Villeroy de Galhau, Governor of the Bank of France, at the College of Europe.
Dear students, Professors, Ladies and Gentlemen,
I am delighted to be with you today, and I extend my warmest thanks to Professor Béatrice Dumont for her kind welcome speech. For obvious and unfortunate reasons, I was unable to come physically to the magnificent city of Bruges, this architectural jewel of the Middle Ages. Bruges is also a highly significant place for a central banker, as it was the birthplace of stock markets in Europe, in the 14th century.
I also stand before you as a committed European, born and raised at the Franco-German border, present in Maastricht 30 years ago, and the College of Europe reflects this fruitful European spirit that I particularly cherish. What I want to do today is to avoid "langue de bois". In these troubled times, we need to speak "truthfully" before acting positively. In this respect, I would like to address the following issue: why is Europe lagging economically behind the United States? In order to find the right cure, we first have to elaborate on the right diagnosis.
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