Monetary Union and the euro have kept the euro area countries from being exposed to harmful intraEuropean exchange rate tensions of the type that many countries used to suffer when external shocks occurred. Some of you may have not so fond memories of the EMS crises of the years 1992 and 1993.
It has become quite obvious that Austria's inclusion in the stability-oriented Economic and Monetary Union has protected our country from negative shocks much more adequately than was possible under past regimes. Beyond EMU – further political integration and enlargement EMU represents a quantum leap in integration, a key step in completing the Single European Market. Of course, competition is most pronounced within EMU itself.