The very wording of the Treaty reveals its logic, namely that the best contribution which monetary policy can make to high employment and economic growth is to maintain price stability. In its very essence, Economic and Monetary Union is of course a European endeavour. However, even at this stage it is clear that the introduction of the euro has implications for the global economy.
Figures relating to the official and private use of the new currency reveal that the Eurosystem will have responsibility for an international currency of considerable standing. However, allow me to stress in this context that the Eurosystem does not pursue a policy of actively encouraging or discouraging the international use of the euro.