For you here in the United States, it is natural that the dollar is legal tender in all fifty states of the Union. For us in Europe, though, monetary union is a quantum leap, both politically and economically. In my speech I would like to address the following issues: 1. The historical background of the euro. 2.
The essential features of the new system and its ramifications. 3. The future outlook for the euro – the political agenda. The historical background of the euro The euro is not quite as new as the title of my speech would lead you to believe. In fact, the euro is already a reality.