The Euro is a very powerful symbol of the European identity. I guess the rest of the world sees the euro not only as Europe’s single currency, but also as a symbol of Europeans’ strong determination to plan their future and to realise their dreams.
Taking issue with this historical transition to the European single currency, I intend to focus my remarks on the challenges presented by the creation of the euro and the execution of monetary policy in a rapidly changing world: a world in which high-speed structural change - whether spurred by spontaneous economic forces or institutional evolution - may put tested economic models at risk and defy policy-makers’ searches for well-trusted policy recipes.