Jean-Pierre Roth: The euro - a stabilising factor in the international
currency system
Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the
Swiss National Bank and Chairman of the Board of Directors of the Bank for International
Settlements, at the Fondation Jean Monnet pour l'Europe, Lausanne, 21 September 2007.
The complete speech can be found in French on the Swiss National Bank's website (www.snb.ch).
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The euro is undoubtedly a success story. It has contributed to stabilising the international
currency system. In Europe, the former monetary disorder has been replaced by a new
monetary order. The European payment system has become more transparent and price
stability is guaranteed.
Switzerland, too, is benefiting from European currency stability. The Swiss franc is taking
advantage of a monetary environment that is considerably calmer than previously. The euro
and the franc are coexisting very successfully.
Nevertheless, it would be wrong to claim that all the effects of European currency integration
have already worked their way through to the real economy. In spurring on competition and
promoting transparency, the euro is having an integrating effect. However, there are still
considerable obstacles standing in the way of this integration process.