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39 J. Common Mkt. Stud. 1 (2001)

handle is hein.journals/jcmks39 and id is 1 raw text is: 




Journal of Common Market Studies
March 2001


Vol. 39, No. 1
    pp. 1-13


The Euro after Two Years*


                         JEAN-CLAUDE   TRICHET
                     Governor of the Banque de France



Ladies and gentlemen, it is a great pleasure and an honour for me to be speaking
here, in London, at the invitation of the Journal of Common Market Studies,
in front of such a distinguished audience. I am particularly happy to express my
views on the already successful existence of the euro and monetary union, and
the conditions and prospects for their further success.
   On  1 January 1999, a unique event in the history of Europe occurred. The
euro was  born and the irreversible nature of this change has convinced an
increasing number of economic players that the success of the euro is necessary
for Europe. It is a keystone of the European single market, which will ensure
prosperity in Europe for the benefit of the rest of the world.
   I would like to draw your attention to why the euro and monetary union have
been  successful from the outset, and to the conditions and prospects for
building on this success.

               I. The Conduct  of Macroeconomic Policy

The euro and Monetary  Union  are based on a credible monetary policy and
contribute to an appropriate economic and monetary equilibrium in Europe.


* This article is a revised version of the JCMS Annual Lecture, delivered on 10 October 2000 at the
Guildhall in the City of London.
© Blackwell Publishers Ltd 2001, 108 Cowley Road, Oxford OX4 1JF, UK and 350 Main Street, Malden, MA 02148, USA

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