I am fully aware that the Deutscher Industrie und Handelskammertag (DIHK) has always been a strong supporter of the EMU and, more generally, of the European unification process. Before continuing, please let me switch into English.]
In the first part of my talk today I shall elaborate on the reasons why I think that the single currency and the single monetary policy introduced more than seven years ago have worked very well. Nevertheless, past success is not an excuse to overlook the challenges that lie ahead of us all, policymakers and social partners.