As we move towards a genuine EMU, this clarification will become ever more necessary. Conclusion Mr Commissioner, Ladies and gentlemen, There has always existed a debate as to whether the euro area is an optimum currency area. I think this is a flawed debate, if by optimum we mean perfect, because no currency area is ever perfect.
The question we are facing is what the minimum conditions are to ensure the full viability of the euro area over time. As I said in my introduction, there has been increasing confidence in recent months that these conditions will be met. Financial market participants have understood that there exists a political commitment to the euro.