*  *  *  Introduction Ladies and gentlemen, I would like to start by thanking the Oesterreichische Nationalbank and its co-hosts for inviting me to speak today at your conference session entitled “Experience with and preparations for the euro”. This year, the euro is in its eighth year, and serves as a single currency for more than 300 million citizens.
I would like to address two successes of the euro which are particularly relevant to the ECB’s responsibilities: the single monetary policy and the progress in European financial integration, for which the euro has acted as a major catalyst.