Furthermore, there are some doubts as to whether German fiscal policy will be able to deliver on the self-commitment - reaffirmed in spring - to achieve a budget position close to balance by 2004 unless there are further cuts in public payments.
In this regard, I think major credit should go to the European Central Bank (ECB) and to President Trichet also for his consistent stand on the independence and integrity of the ECB. By definition, only currencies that can be freely convertible for trade or investment purposes have the potential to achieve the status of an international currency.