The choice of the countries starting with monetary union will naturally be of crucial importance. In accordance with the schedule, that decision will be taken in spring 1998 on the basis of the economic data for 1997. In my view, speculating now about the group of participants is inappropriate. Such speculation could ultimately do more harm than good, because it increases overall uncertainty.
For that reason, I shall also continue to refrain from engaging in it. In my opinion, neither political calculation nor short-term success in meeting the criteria should decide the choice of participants to be made, ultimately, by the heads of state and of government acting by a qualified majority. Rather, sustained convergence and credibility in terms of anti-inflation policy will be crucial.