As Mr Duisenberg stressed, this event was more than a mere technical presentation, but took on an historical and symbolic dimension. On 1 January 2002, we will have the honour of witnessing the largest currency changeover that the world has ever experienced. This will be the crowning achievement of a long economic and political process which led to the creation of Monetary Union on 1 January 1999. This unique event in European history will help to ensure lasting prosperity, which is not only in Europe’s interest but that of the rest of the world as well. Lastly, speaking in front of bankers, financial institutions, business executives and journalists, I would like to make the following remarks as regards the present situation: -first, the main message in the present exceptional circumstances, is that the first quality of all Institutions, all economic leaders, all enterprises as well as households is to keep one’s nerves. The best gift we could give the terrorists would be to change our plans, to cancel endeavours, to delay decisions, to reduce investment or consumption. We, Institutions, enterprises, individuals had and have projects : let us realize them, in time, and unchanged. -second, let us beware of fashion. It was still fashionable, a year ago, to embark on vibrant eloge of the new economy, to predict the end of the business cycle and to forecast for ever very high level of productivity progress and buoyant economic growth.
The euro is based on a credible, stability-oriented monetary policy  a)  I would like to point out that, from a technical point of view, the launch of the euro on financial markets, on 1 January 1999, has been an indisputable success, and that the Eurosystem, made up of the ECB and the National Central Banks of the euro area, has fully achieved the objectives assigned to it in the following areas:  b)  –  operational efficiency, highlighted by the precise adjustment of banking liquidity and effective steering of short-term interest rates;  –  the security provided by the procedures and systems implemented, both for the execution of interbank transactions, and vis-à-vis large-value payments. The interbank market became integrated in early January 1999, right from the start of Monetary Union, thanks to the setting up of the Target system for the real-time transfer of largevalue payments throughout the euro area and in other EU countries. –  and, finally, the smooth functioning of the Eurosystem, which is an integrated organisation in which the decision-making centre works in constant contact with the national central banks on the implementation of operations. Together with many other factors, this technical and operational success has contributed to the high level of credibility of the single monetary policy which is based, in particular, on the independence of the European Central Bank and national central banks, and on the store of confidence inherited from the latter. Moreover, contrary to popular belief, European Monetary Union did not start from scratch.