On the basis of the Maastricht Treaty, entry into monetary union was finally accomplished at the beginning of this year. -  The Amsterdam Summit of 1997 was intended to lay the political foundations for a lasting monetary union.
As you will know, for a long time it seemed essential to us in Germany, too, that definite political progress should soon supplement that far-reaching monetary step towards integration. Unfortunately, although some headway was made, the agreements reached in Amsterdam proved unable to fulfil expectations in major respects. But that was least of all the fault of the Dutch hosts.