*  *  *  Ladies and Gentlemen, It is a pleasure for me to be able to address you today and to share with you some remarks about the changes which Economic and Monetary Union (EMU) in Europe has brought about.
In so doing, I should like to focus my comments on the introduction of the euro and the immediate implications for European and international financial capital markets, for central banking and the European economy as a whole. However, the launch of a new currency, historic as it was, does not constitute a one-off event.