Mr President, the introduction of euro notes and coins has not only been a success in logistical and organisational terms, but is also already contributing to the enhanced creation and discovery of a European identity. Not even Eurosceptics in Italy can do anything about that. (Applause) The tangible euro makes Europe a fact of daily life, just as we MEPs always said it would. The euro was, in a manner of speaking, Parliament's first choice since it was itself directly elected, a choice above all by the Committee on Economic and Monetary Affairs To that extent, the euro has for two decades been one of Parliament's successful projects. We took our stand for a market and a currency and played our part in creating them. I think that thanks are owed to all the Members of this House, and to you too, Mr von Wogau. (Applause) ‘Euro’ will in my view become the affirmative word of 2002. After all, the euro embodies Europe's dynamism and determination to create a European identity, improve European competitiveness for the benefit of the economy and employment and grow together into permanent mutual solidarity. Monetary union completes the internal market – the right answer to the challenges of globalisation – and makes it at last work for everyone, for small and medium-sized enterprises and above all for people. The euro will become a success because it is accepted not only by the markets but also by people. Many are at last rejoicing – as we Members always predicted they would – to be living in Euroland. The success of the introduction of euro notes and coins fills everyone with enthusiasm and creates the climate of optimism that we in Europe urgently need for investment, stimulation of internal demand and thus for employment. The introduction of euro notes and coins crowns and rewards the sustained efforts on the road towards monetary union. Today, many people are already wondering why euro notes and coins had not been introduced much earlier, something we Members had always demanded. We call upon Denmark, Sweden and Great Britain to come into the eurozone in their own interest before eastward enlargement takes place. The German mark was a currency with a proud past. Three years of monetary union promise us an equally stable monetary future. There have in any case been lower interest rates under monetary union than in the decades of the German mark that preceded it. This is connected with the low level of interest, which guarantees good financial conditions that favour investment. It follows that monetary union has kept to what was promised politically in the Maastricht Treaty, namely price stability. The introduction of euro notes and coins, then, also brings visible successes for consumers: prices for consumer durables, such as cars, will fall. By its completion of the internal market programme, the euro also at last makes possible consumer-friendly competition, which will lead to medium-term pressure on prices and an incentive to higher quality. The completion of economic and monetary union, of the internal reform of the European Union and of a European constitution and the successful eastward enlargement of the EU are the great challenges that Europe must face up to. There is one thing, though, that we must not forget: the euro is not only a monetary project; it was always a political project and is a component of the political union of Europe. Europe is small in global terms, and so the internal market, completed by monetary union, is quite certainly the right answer. The euro, moreover, puts to the test the ability of Europeans to organise unity in the interests of all Europe's states. As far as further bold European projects are concerned, it is both a connecting link between them and a stumbling block. William Shakespeare was right to maintain that ‘if money go before, all ways do lie open’. It is to be hoped that that applies also to more efficient and improved coordination of economic, financial, employment and social security policies. The euro urgently needs to be accompanied by some sort of economic government. Cyclic developments are no longer triggered by nation states, but by economic issues, and so the EU summit in Barcelona has been required to exchange dogmatism in handling the Stability and Growth Pact, which does leave some room to manoeuvre, for a sound policy which is committed to monetary, financial and also social stability. Our commitment as a Parliament to monetary dialogue with the European Central Bank was particularly important. We took our stand in Parliament for the independence of the European Central Bank, but also demonstrated our commitment to that institution's democratic accountability. Hence it is very important that we should have organised and motivated a cultural revolution in Europe, for the Member States' dealings with the national central banks used not to have the democratic accountability we have now. Money policy thus becomes transparent and comprehensible and helps us to fathom this mystery as well. For money policy is not neutral; it too has an influence on the real economy, on growth and employment.

Political group: PSE