However, the full introduction of the euro should, without immunising us against external influences, allow the euro area in the coming years to register supplementary growth owing to supplementary stability, efficiency and visibility. More stability: since the birth of the euro in 1999, much has already been achieved in this field. Within the euro area exchange rate fluctuations have disappeared.
I have also asked them to arrange for an independent verification of their institution’s risk management and control systems with particular emphasis on the management of the relationship between parent institutions and foreign subsidiaries. We are working with the accountancy firms and the banking industry to define more clearly the terms and scope of these examinations.