I needed those champions and resolved to be one myself. I told and continue to tell my former students in the American Economic Association's Summer Program all the time, and I will say it to all of you: You belong here. Your insights are unique, and the profession would benefit from them.
2 Tonight, I would like to ponder two issues related to the future importance of the euro. First, what are the chances of the euro becoming an important reserve and invoicing currency? Second, how should the European Central Bank deal with the external value of the euro?