In an interview, Piero Cipollone, a member of the European Central Bank (ECB) Executive Board, stated that Europe should fully leverage its vast single market advantage by reducing barriers to the free flow of goods and services. This would allow businesses to expand and achieve economies of scale, thereby lowering production costs and enhancing the competitiveness of European companies. He pointed out that Europe is currently not fully utilizing this advantage, which hinders business expansion and efficiency improvements, making it difficult for European firms to compete with other global giants. Cipollone also mentioned that the European Central Bank (ECB)'s mission is to maintain price stability, which is crucial for business prosperity. He noted that under supply-side shocks, interest rate hikes to stabilize inflation might curb economic growth, thus monetary policy actions need to be calibrated and should anchor inflation expectations. He also emphasized that fiscal policy should be temporary and targeted, and called for reducing reliance on fossil fuels through energy transition to protect households and businesses from external shocks.