 Deputy Minister President, Mr. Al-Wazir. Lord Mayor, Mr. Feldman. Former President of the ECB, Dear Jean Claude. Fellow and former members of the Governing Council. Former Lord Mayor, Mrs. Roth. Honorary Citizen, Mr. Fohmetzler. Head of the Jewish Community, Mr. Korn. Heir of the Grossmarkt Halle Architects, Mr. Elzaizer. And Mr. Pricks, the famous architect of a new house. Where are you, Mr. Pricks? Oh, there. Ladies and gentlemen, I am delighted to welcome you all today to the inauguration of the new European Central Bank headquarters. But let me especially thank you, all of you, for being here, notwithstanding the very difficult situation outside. And let me also give a truly special and warmest thank to the police and the security and all the security forces for their action and their efforts in maintaining security outside. As we learned from, as we saw, as we just watched in the short movie before, we saw the history of this building. And we shouldn't forget the choice process and the wisdom of those who made that selection way back in 2003, if I believe, at the end of the international competition. And we should thank Mr. Wolf Pricks, the architect for his genius and his team. We also shouldn't forget the history of the building. The Euro, our single currency, has become the most tangible symbol of European integration. A piece of Europe accessible and valuable to each and every one of us. This building will inevitably become known as the House of the Euro. It provides a sound foundation for the ECB to pursue its mandate of maintaining price stability for all Euro area citizens. In that sense, the building is a symbol of the best of what Europe can achieve together. But it's also a symbol of why we can never gain risk to split apart. We are standing here today in what used to be as we just watched the Frankfurt former wholesale fruit and vegetable market. A state of the art functional building from the 1920s that has largely been preserved and incorporated into the new structure. I wish to say it again, and remember that between 1941 and 1945, more than 10,000 Jewish people from Frankfurt and nearby were deported from here to the concentration camps. A memorial on the east side of the building has been built to remind us, and those who come after us, of deeds that cannot and must not be forgotten. An integrated democratic and peaceful Europe was one of the key lessons from this dark chapter of history. We come a long way since then, but nothing we have achieved should be taken for granted. European Union is strained, is being strained today. People are going through very difficult times. A recent Euro barometer survey on how households in several countries are coping with the crisis still showed that all respondents had been affected by a loss of income and almost all said life was worse since the crisis hit. As an European Union institution that has played a central role throughout the crisis, the ECB has become a focal point for those frustrated with this situation. This may not be a fair charge. Our action has been aimed precisely at cushioning the shocks suffered by the economy, but as the central bank of the whole Euro area, we must listen very carefully to what all our citizens are saying. There are some, like many of the protesters outside today, who believe the problem is that Europe is doing too little. They want a more integrated Europe with more financial solidarity between nations. And there are others, like the populist parties we see emerging across Europe, who believe that Europe is doing too much. Their answer is to re-nationalize our economies and reclaim economic sovereignty. I understand what motivates these views, why people want to see a change, yet in truth, neither offers a real solution to the situation we face today. Solidarity is central to European integration and it is right that countries have supported each other during the crisis. But the Euro area is not a political union yet of the sort where some countries permanently pay for others, like it happens within one single country where regions pay for other regions. It has always been understood that countries have to be able to stand on their own two feet, that each is responsible for its own policies. The fact that some had to go through a difficult period of adjustment was first and foremost a consequence of their past decisions. Nevertheless, standing on one's own feet is not the same thing as standing alone. Renationalizing our economies is also not the answer. It wouldn't change the basic economic realities that European countries confront, that we are aging societies which have to go primarily through raising productivity. And it would not offer citizens any more economic security. There is no country in the world that is both prosperous and insulated from globalization. In fact, the single market process was introduced precisely because European economies acting alone could not create enough jobs in an increasingly open world. And that process led in turn to monetary union because as the ERM crisis in the early 90s showed, countries realized that they could not integrate in part and benefit in full. The financial and sovereign debt crisis since 2008 have only reaffirmed that truth. So the answer is not to unwind integration, nor is it to hold out an unattainable vision of where integration should lead. It is to complete our monetary union in the areas where it can and needs to be completed. We need ambition in our hands and pragmatism in our means. We have already shown how this can be done with the solidarity and stabilization mechanisms that were set up during the crisis. Banking union is also a remarkable achievement. Now we need to make progress in the other areas that remain unfinished, notably in terms of economic and institutional convergence. Still, I recognize that we cannot have a purely economic perspective on the questions facing our union. While economic integration produces more jobs and growth on aggregate, this doesn't completely solve the problem that drives the satisfaction with the euro and the European Union. There is also the problem of distribution. Who gains and who loses from that process? For example, higher labor mobility across countries might reduce unemployment, but it can also stoke fears about immigration and create insecurity for low skilled laborers. Opening up a previously protected sector might reduce costs for consumers, but it can also leave citizens employed there with an uncertain future. So if we are to build lasting confidence in our union, we still need to address this tension to reconcile the economics of integration, which is about efficiency with the politics of integration, which is about equity. This is a complex issue, but a solution can be summed up in one word, skills. Theoretical and empirical research both suggest that recent technological change has been skill biased. In other words, production technology has shifted in a way that favors skilled over unskilled labor by increasing its relative productivity and therefore its relative demand. Equipping workers with the right skills therefore makes the economy more efficient and creates new job opportunities. And it also makes the economy more equitable by allowing as many citizens as possible to participate in those opportunities. For this reason, education and training need to be as much a part of the reform agenda as creating more flexible markets and reducing red tape. But it's also a second way in which the economics and the politics of integration need to be reconciled. The more decision making over economic issues moves to the European level, the more democracy needs to move with it. This is not just because democracy is a core value of the European Union. It's because making policy without adequate representation and accountability just doesn't work. So we need to deepen our economic union and our political union together. And this means strengthening the channels for genuine European democratic legitimacy like the European Parliament. Inevitably European democracy will be different. Voters in any one country may initially fear that they have less influence over decisions than at the present. But it is my belief, and certainly this is what happened in the monetary policy area, that in giving up some formal sovereignty, people will gain ineffective sovereignty. They will empower institutions with Euro-wide responsibilities able to tackle the pressing problems of jobs and growth. And so their votes may in fact make more of a difference to their lives than they do today. In this way, I trust we can reconcile those who feel left out, including many of the protesters gathered in Frankfurt this week with a process of integration that has already generated so many benefits for three generations of Europeans. Let me conclude. This building is a credit to all those who have work to bring it to fruition. It's a landmark for the city of Frankfurt, and it provides the ECB with an impressive new home to pursue its mandate. But it also stands as a powerful symbol of what European integration is about. It reminds us where we have come from and where we have come to of the horrors that can happen when we split apart and the huge steps forward we can make when we work together. So let us not undo what's been achieved. Let us not hanker for the past. Let us draw on the past to unite us in the present to build a complete union that can deliver the stability and prosperity we need. We, as the central bank, will do our part in this process by ensuring the integrity of our single currency. Our shared money is the most tangible sign of the trust we place in one another. As the ECB's first president, Vim Duisenberg, put it at the launch of the euro more than 16 years ago, he said, a currency is far more than just a medium of exchange. A currency is also part of the identity of people. It reflects what they have in common, now and in the future. Thank you for your attention. Dear President Mario Draghi, dear Lord Mayor Peter Feldman, dear members of the governing council, ladies and gentlemen, I'm very pleased and honored to speak here today at this important occasion. So thank you very much for this invitation. I'm bringing along with me warm regards from the entire government of the state of Hessen. Ladies and gentlemen, today is a good day for the European Central Bank and it's a very good day for Frankfurt, the metropolitan region, Frankfurt-Rhein-Main and the state of Hessen as a whole. The opening of the new ECB's premises here is a strong sign of confidence, both in Frankfurt and in the state of Hessen, and we are proud of that. It's a further milestone after the start of the single supervisory mechanism last November when the ECB became the direct supervisor for the 120 largest banks in the euro area. With its characteristic silhouette, the new high-rise adds to and enriches Frankfurt's skyline. It's an impressive, energy-efficient building surrounded by, as I was told, 7,000 new trees. I'm grateful that the building of the former Grossmarkthalle, the former fruit and vegetable market of Frankfurt, is still visible. And I'm happy that Konrad Elzesser is with us today. And I know that you are also aware that the history of this place is connected to the darkest period in German history, and I'm grateful that Salomon Kahn is also with us today. Of course, more than the building, it's the international stuff of the ECB that adds to the region's development, an international region where people from all over the world feel at home. I hope that you, the people working for the ECB and your families, already feel at home. And I hope that this building, unlike today, becomes a natural part of the city of Frankfurt. Mr. Draghi, let me express our warmest welcome to all ECB staff here in Frankfurt in this new building. I can assure you that we're always ready to listen to your needs and visions for further development and mutual cooperation. You are an European institution, but you're also a part of this region. The people in this region are always interested in people from other regions and countries. They're open and want to communicate with you, take this opportunity and be an open institution. I'm aware, of course, that financial news agencies are of bigger importance for you than the regional newspapers, but don't forget that for the people in this region, financial news agencies are usually not their main source of information. The ECB is certainly one of the most outstanding institutions contributing to Frankfurt's ideal to become a leading center for the development of financial markets for regulation and supervision. It's our ideal that here in Frankfurt with all the European monetary institutions as well as our leading academic institutions, we can develop a regulatory center that will stand for a philosophy of stable and sustainable financial markets which are both socially beneficial and effectively regulated. That should be, I think, also an ideal of the majority of the protesters outside, and it could be the common ground that we all can happily subscribe to. Frankfurt also has a history as a place for international political dialogue and productive dispute. However, let me add, violence and destruction is not part of a productive dispute. I want to say to the people outside, stop the violence. And to the peaceful demonstrators, I want to say distance yourself from the violence. Everyone has the right to demonstrate. No one has the right to injure people, destroy buildings, or burn cars. Nowadays, the ECB plays a crucial role for the future of the euro. The successful handling of the problems that we are currently faced with in the euro area is of tremendous importance for the economic and political stability of European countries, and hence for social cohesion and democracy. We are well aware that the ECB has to deal with a completely new set of problems, both in monetary policy for the euro area and in banking supervision. People in the euro area are concerned about the economic situation and have many questions. What could the ECB do about the ongoing unemployment in many European countries and resulting high human costs? I know that this is the reason why the ECB embarked on developing new forms of monetary policies such as the bond buying program. But again, many are concerned and ask what this means for the savings of ordinary people. The demonstrators outside today also have many questions, but they don't have answers to the challenges we've been facing since 2010, at least no answers that work. But they're asking some of the right questions. Has it ever been successful in economic history to try to balance the budget through massive spending cuts in a shrinking economy? As the past years have proven, in my view, austerity can indeed be self-defeating. On the other hand, if you want to protest against austerity, why protest in front of the ECB? In this respect, the ECB might be the wrong target in March 2015. However, if you look at Greece, the problem in the past decades wasn't a lack of money. It was, of course, a lack of structural reforms within the country. Many things to discuss, many things to negotiate. And I think that negotiations should be characterized by understanding and mutual respect, not by command of one side, not by obstruction from the other side. Dispute is the engine of analytical and social progress. Provided the dispute takes place in an atmosphere of acceptance, understanding, and respect. In search for solutions for the euro, we may bear in mind that no one is in possession of a crystal ball showing ultimate truth. Nobody can be sure to know the best solution. Unfortunately, this applies to myself, too. Therefore, the ECB, academia, and other institutions here in Frankfurt could become the hub for productive regulatory, financial, and monetary disputes. It is these disputes that we'd like to have and that are essential for Europe's future. Ladies and gentlemen, the contribution of the ECB with all its expertise to the regulatory, financial, and monetary policy dispute is highly appreciated. To get ahead in Europe, this dispute must be governed by mutual respect, acceptance, and understanding. I'm confident that together we will progress on the route to a better euro area. Ladies and gentlemen, on behalf of the whole Hessian state government, I congratulate you on this new, beautiful location. And I'm looking forward to the next years. Thank you. Ladies and gentlemen, Mr. President Draghi, Mr. Minister Al-Wazir, Mr. Member of the ECB Directorate of the Bank, Mrs. Dr. Roth, Mr. von Metzler, Mr. Korn. Ladies and gentlemen, today's official inauguration of the ECB is in the name of the city of Frankfurt the best greetings. I call you, above all, your employees, our world-renowned and multifaceted city. Welcome. Europe plays a significant role for Frankfurt. Frankfurt plays a significant role for Europe. The European cultural history, the European economic history, the history of European migration are unthinkable without Frankfurt. Unimaginable. It is therefore true that the 25-year anniversary, the most important event of the European post-war history, this year, is celebrated in the city of Paul's Church, the German Reunification. The people themselves were what went on the street at the time. They were living a better life than the arrogance of power. It is always wrong to step up from above, to build walls, to step down. From Frankfurt the signal goes off. Frankfurt goes ahead with the best example. In my eyes, Frankfurt is more than a democratic city, more a democratic city than the often mentioned bank city. Our free Goethe-Universität, on our theater stage, our hip-hop scene, is being practiced criticism on the streets. Here is an open discourse that is possible, which also raises the question of financial capitalism. Peaceful capitalism criticism has already been connected to our city since the world-renowned Frankfurt School and its self-sufficiency has become our communal biography. Names like Adorno, Horkheimer, Makuse stand for it. I can therefore understand that our local media were disappointed that today's event was not invited. However, they are very committed to the establishment of the ECB from the beginning and also very comprehensively supported our city. I share this disappointment a good piece. But let me also clarify, in terms of customer service and demonstrations, there is a democracy. But there is no place for violence in Frankfurt. One message to the crowds from Greece, Italy and even from Berlin. This is not your town. You hit the average people, the workers, the policemen, the families and their relatives. This town, Frankfurt, is not waiting for destruction from you. Critic on capitalism is our tradition, always has been, what has to be, peaceful. Ladies and gentlemen, the city of Frankfurt has put a lot of effort for the ECB. But the ECB also thanked the city of Frankfurt. With the ECB, Frankfurt became the third European capital to Brussels and Strasbourg. The ECB is an architecturally enthusiastic building in our city silhouette. The ECB is one of the largest workers in Frankfurt-Rhein-Main. The ECB creates new jobs through the new government. More than 1,000 families are expected in our city. You will find the best infrastructure, many schools, kindergartens, also many corresponding institutions, bilinguals and their own communities. With the ECB, the position of Frankfurt as an international city of Germany will continue. If the citizens and citizens, the media, the guests of our city now look at the ECB, they ask the questions about the future of Europe. Is it a warm-hearted Europe? Is it a solidary Europe? Is it a Europe of regions? Is it a Europe of all citizens? Is it a Europe of diversity? Is it an open Europe? Is it a peaceful Europe? And above all, it becomes a social Europe. Ladies and gentlemen, in the centre of Frankfurt is an impressive building, the Paulskirche, the Vienna of the German democracy, the Cradle of Democracy, as Kennedy said. I wish very much that in a few decades one of my followers in this new impressive building here in the east of the city stands and says, in Frankfurt there is only a Vienna of the European democracy. Here, together with cultural roots, one of the citizens with a proud identity continues to develop. Here, in emergency, states were helped. Here, not only the balances were thought, but the whole European idea. What began in Athens and Rome many centuries ago was continued and ended in Frankfurt through the aid of the ECB. Ladies and gentlemen, we carry a good life in politics and finance for the responsibility of a human being, a good life for all citizens of Europe, Germany and Frankfurt. Dear Mr. Draghi, I wish you and all of us a very happy weekend. Thank you for your attention. Ladies and gentlemen, I would like to thank you for joining us and invite you to the ribbon-cutting ceremony, which will take place just outside the meeting room. And I would suggest that our three speakers, Mr. Draghi, Mr. Alvazir, Mr. Feldman, lead us there, the way out of this room. Thank you very much.