The fact that we have successfully navigated four episodes of financial stress in the last two years (July-October 2007, April-June 2008, September-November 2008 and March 2009) is an ample proof of the robust nature of the approach adopted by the Central Bank. In each of the events, we first reacted firmly to normalize the money demand and stabilize the foreign exchange market.
Ladies and gentlemen, To be sure, living with the euro is not just plain pleasure. There is no prize without an effort. Let me just pick out three challenges that I see for the near and medium-term future. The first challenge is the smooth changeover to euro banknotes and coins.