Your conference today asks “what future for the euro?” In addressing that question, I would first like to speak about the achievements of the past, before focusing on the challenges ahead for Europe’s economic and monetary union (EMU). I would like to reiterate and explain the need for what I have called a “quantum leap” in the economic governance of Europe.
And I would like to outline what that means in practice and what more needs to be done to make that quantum leap a reality. 1. Achievements of the euro  First, let me take a brief look back at the history of the euro.