欧洲的成功与前进之路

Isabel SchnabelMember of the Executive Boardof the ECB www.ecb.europa.eu ©“The future economic architecture of the eurozone”,Peterson Institute, Washington, D.C., 16 April 2026 RubricMacro stability: Inflation brought back to target without recession or financial instability Real GDP growth and unemployment ratein the euro area RubricConvergence: Financial markets in the euro area have become more integrated RubricFinancial stability: Banks have solid capital ratios and are more profitable RubricIntegration: Reducing internal and external trade barriers carries great potential Intra-EU and extra-EU trade(percentage of nominal GDP; Rubric•Innovation: AI adoption and R&D spending in defense can raise productivity growth Cumulative public R&Dmultipliers Historical composition ofdefence spending (2015-2023)(% of total military spending) Range of estimated TFP impact of AIunder different scenarios(% increase over 10 years) (y-axis: EUR of GDP increase per EUR ofpublic R&D invested; x-axis: years) RubricSovereignty: Strengthening autonomy requires reduction of dependencies