The second major milestone, and the biggest one for euro area citizens, was January 2002, when the changeover from national notes and coins to euro notes and coins took place in 12 EU member states. The euro area has since expanded by a further three countries, and, at the beginning of next year, the area will welcome another new member.
Three months ago, in June, we had the tenth anniversary of the European Central Bank. The coming New Year will mark the tenth anniversary of the common currency, the euro. Today everybody, including the vocal critics, agree that EMU and the euro have been a great success. But there is no doubt that many important challenges still remain.