I do not propose to address the future of the euro in the way you are probably expecting. Instead, I shall go briefly into the question of how to ensure the lasting success of Economic and Monetary Union (EMU). My overall verdict on the first question will not come as a surprise: right from the start, the ECB has done good work.
EMU is functioning. Yet the challenges remain great, and the ECB still has to pass the real acid test. At a certain distance in time from the launch of the ECB and from the transition to Stage Three of EMU in Europe, the sheer dimensions of the project must be called to mind once again.