2026-11-02 · 1 statements · 1 actors
Vujčić speech 'Integrated, open and resilient', 2 Nov 2026
ECB Governing Council member Boris Vujčić delivered a speech on the resilience of the European economy and integration in a fragmenting world.
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The statements
European Central Bank
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Boris Vujčić: Integrated, open and resilient: Europe’s strengths in a fragmenting world
2026-11-02 · central bank · one of several topics in this statement
Vujčić says geopolitical shocks are becoming more frequent and affect growth, inflation and financial stability, with supply factors now driving inflation more often and financial effects possibly emerging abruptly.
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Boris Vujčić: Integrated, open and resilient: Europe’s strengths in a fragmenting world
2026-11-02 · central bank · one of several topics in this statement
Vujčić states the EU imports 57% of its energy, that diversification reduced dependence on Russia but did not fully shield the EU from Middle East tensions, and that resilience matters alongside exposure.
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Boris Vujčić: Integrated, open and resilient: Europe’s strengths in a fragmenting world
2026-11-02 · central bank · one of several topics in this statement
Vujčić says national rules act like internal tariffs, estimated by ECB calculations at around 67% for goods and 95% for services as an upper bound, and that cross-border equity holdings within the euro area integrate more slowly than with the United States.
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Boris Vujčić: Integrated, open and resilient: Europe’s strengths in a fragmenting world
2026-11-02 · central bank · one of several topics in this statement
Vujčić cites ECB research that about 30% of output shocks in the euro area are absorbed through markets and fiscal transfers, versus about 70% in the United States, and argues that a fragmented Europe makes investment the adjustment margin.
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Boris Vujčić: Integrated, open and resilient: Europe’s strengths in a fragmenting world
2026-11-02 · central bank · one of several topics in this statement
Vujčić calls for completing the savings and investments union, including a European deposit insurance scheme, harmonised crisis management, a more integrated capital market, harmonised withholding taxes and European payments infrastructure including the digital euro.