Conclusions To conclude my speech, I will pre-empt the Q and A session by first telling you “What will happen after February?” From 1 March 2002, not only will the euro be the sole legal tender in the euro area, but it will also become one of the main channels that should facilitate the future co-operation between the ECB and the PBC.
Those sectors are, in some ways, over-regulated. Too much regulation and red tape can breed incentives for the abuse of power, mismanagement and corruption. It also acts as a disincentive for the private sector. And we must remember here that it is always the private sector that functions as the engine of the economy. However, effective regulation is sorely lacking in other sectors.