The real challenge for capitalism, therefore, was to create and destroy economic structures in a process he called "creative destruction" This, he maintained, was the essence of economic development, a process defined by the implementation by the entrepreneur of new production combinations. I believe that Schumpeter would be very interested in the topic I want to discuss today.
My speech is about the euro as a catalyst for integration and competition in EMU, or, in other words, about economic growth and adjustment in the euro area. Both high, sustainable economic growth and the ability to adjust smoothly to changes in the economic environment require further economic integration and competition.