The work that led to the developments observed 20 years ago – which we are celebrating today – was a pioneering effort undertaken by many with true idealism. Indeed, although the construction of monetary unions had been tried in the past, nothing could compare to the ambition and complexity of building the European Monetary Union.
The overall atmosphere over this historical period was marked by a clear sense of optimism and a good deal of confidence on the part of the European Union and the countries that belonged to the Union or wished to join it. Not that there were no problems, but there was a feeling that these could be solved one way or another.