*  *  *  The euro has created a new reality for 318 million Europeans and has probably become the most visible symbol of European integration. Its introduction was in itself a remarkable achievement, representing the culmination of a process of convergence and integration that began many years ago.
However, the introduction of the euro did not mark the end of European economic integration. Instead, the euro created new challenges for monetary policy. I want to focus on two of those challenges in my presentation: •  First, how would the newly-created European Central bank build credibility?