The Bundesbank operates in a policy field that is already communitised in the euro area: monetary policy. Our Bundesbank logo consists of yellow stars on a blue background, which shows how strongly the Bundesbank considers itself part of the Eurosystem. The Eurosystem can only pursue sound monetary policy in a stable currency union.
This is why the Bundesbank is taking part in the current reform debate. The title of my speech contains a key term: “prospects". I believe it is almost more important now than ever to talk about the prospects of the EU and the Economic and Monetary Union. The word “prospects” has several layers of meaning.