But history shows that the euro area is not a “closed shop”: we started in 1999 with 11 countries. When Slovakia joins on 1 January 2009 there will be 16 euro area countries. The euro area will then have around 329 million citizens.
The enlargement of Monetary Union is not the only subject of public debate; there are also concerns that individual countries such as Italy or Greece could leave the Union. Could you imagine that happening? I don’t envisage such fantasies for one second! Ten years are behind you: what future challenges face the euro and the ECB?