In the past decade, intermediate solutions to save the euro area were found, but left the EMU still vulnerable to future crises. Therefore, we need to define a new convergence process, involving converging economic structures and more integrated markets. This should be complemented by fully legitimate institutions with the right instruments to intervene if the consensus is not respected.
*  *  *  I am delighted to be here today to inaugurate this third Annual Statistics Day Conference of the Reserve Bank. It has now become a tradition for us to mark the Statistics Day as a tribute to late Professor P.C.