Enlargement on this scale is unique, and we in Ireland, who currently occupy the presidency of the EU, are privileged to have enlargement on our agenda. Conclusion The first five years of EMU can be considered a success.
More than three hundred million consumers and investors in the euro area have enjoyed the benefits of price stability, low nominal interest rates in a single money market and the convenience of dealing in a single currency over a wide geographic area. By maintaining price stability, monetary policy provides the basis for sustainable growth in output and employment.