Welcome address by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the International Monetary Fund OEDNE/World Bank Group EDS19 Constituency Meeting

Luxembourg, 4 July 2025

We live in a dynamic and increasingly complex world. External shocks have become more frequent and persistent of late, profoundly altering our economies and presenting us with a myriad of challenges.

Over the past few years, we have faced the most severe pandemic since the 1920s, the most devastating conflict in Europe since the 1940s and the worst energy shock since the 1970s.^[1] Meanwhile, rising geopolitical tensions are reshaping global trade patterns and prompting a reassessment of broader strategic considerations. The rapid digitalisation of our economies brings both complex challenges and immense opportunities. And the escalating climate and nature crises pose an existential threat, jeopardising the stability and resilience of our economic…