I feel very honoured to speak here today. It offers an opportunity to reflect on the past 30 years of monetary history in Europe. [1] The success achieved by Estonia and other former transition economies is impressive: Estonia has implemented monetary reform, established a modern financial system, and managed the transition from a centrally planned economy to a modern market economy.
This transformation has brought freedom and prosperity to many. But it also meant dealing with the hardships that any transformation process involves. I would like to congratulate the Estonian people for everything they have achieved over the past 30 years – and I wish you all the best for the next decades in the common house of Europe and in the Eurosystem.