At the event held on 16 February in Florence, Schnabel emphasised the euro area's strengths in social protection and environmental initiatives while highlighting a pressing competitiveness crisis spanning three decades. She noted that many euro area businesses are falling behind in productivity, digital investment, and research compared to global peers.

Schnabel advocated for increased integration, deeper financial markets, and a supportive regulatory framework to stimulate investment. These measures, she argued, are essential for euro area firms to bridge the technological gap, adapt to demographic changes, and manage the digital and green transition effectively.

The recording of Schnabel's lecture is available below, and her full speech is here.

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The Economic and Monetary Union Laboratory (EMU Lab) is a collaborative initiative driven by the Tommaso Padoa-Schioppa Chair and the Pierre Werner Chair, aiming to reassess the Economic and Monetary Union's structure in light of current European and global economic conditions.