Examples will include the successful transition to the euro, both at the outset of monetary union – our first operational challenge – and as part of an ongoing process of continental integration and inclusion which the European System of Central bank has taken upon itself as a mission.
I will then proceed to the impact that the euro is exercising on the deep economic structure of Europe. Finally, I will outline the ECB’s conduct of monetary policy through difficult and sometimes agitated events. The recent  BIS Review 52/2008  1  turbulences in global financial markets will offer the background against which our strategy can be recognised and understood.