Ladies and gentlemen, during its first years of existence, the euro had to face major trials: the establishment of a sound and credible central bank and the creation of a stable new currency inspiring confidence. These challenges were overcome successfully and the euro is today firmly established. Hence, this is certainly a time for celebration. But it is no time for complacency.
Current challenges are pressing, and new challenges will arise. The continued success of EMU will depend on how these challenges are addressed. This is the main responsibility for all authorities involved. BIS Review 5/2009  1  Let me mention three major challenges. First, the financial crisis. The crisis has revealed fundamental weaknesses in the global financial system.