ECB's Coeure: Effective tax cooperation can tilt the balance towards rebuilding trust in globalisation

Key highlights from the speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the Council on Foreign Relations, New York, 19 April 2017:

• We are currently seeing widespread concerns in many parts of the world regarding free trade and globalised finance
• Fears of globalisation appear to dominate public discussion and are likely to have been a key factor in fomenting political opposition to the free movement of goods, services, capital, and people
• Dismantling regulatory standards would not only make financial markets less safe, it would also be unfair to those who feel left behind
• Supported by the ECB’s comprehensive monetary policy measures, bank loans to the real economy have recovered steadily from their cyclical (and historical) troughs
• Europeans are convinced that belonging to the European Union (EU) helps us maximise the benefits of international cooperation