The effects of EMU have been beneficial, in line with the expectations of the 317 million people in the euro area and, more generally, the 494 million citizens of the EU. The euro area is experiencing low inflation and low macroeconomic volatility, both in historical terms and compared with other single currency areas, such as the United States.
Let me remind you that over the eight and a half years since the creation of the euro, employment in the euro area has risen by almost 15 million people, compared with a rise of around 3 million in the eight and a half years preceding the adoption of the euro. European integration complements global integration.