José Manuel González-Páramo: Address at the opening ceremony of the
Euro Exhibition
Speech by Mr José Manuel González-Páramo, Member of the Executive Board of the
European Central Bank, at the Bulgarian National Bank, Sofia, 16 September 2011.
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Governor Iskrov,
Ladies and gentlemen,
It is a great pleasure for me to be here in Sofia today at the Bulgarian National Bank for the
opening of the Euro Exhibition, which is dedicated to Europe's single currency, the euro.
It is remarkable that in a few months we will be celebrating the tenth anniversary of the
introduction of euro banknotes and coins. They came into circulation on 1 January 2002 and
replaced the legacy currencies of twelve EU Member States in what was one of the most
ambitious logistical exercises ever undertaken in Europe. Since then, the euro area has
grown to comprise 17 countries. Over 14 billion euro banknotes are currently in circulation
and are used on a daily basis by more than 331 million inhabitants of the euro area. In fact,
the euro banknotes and coins have become an important and integral part of the daily lives
of citizens in the euro area. They can be seen as the most tangible symbol of European
integration. Moreover, they have brought many advantages, benefiting not only euro area
citizens but also the citizens of the other EU Member States, including Bulgaria. For
example, Bulgarian citizens travelling within the euro area no longer need to change money
when crossing from one euro area country to another. Moreover, in particular through
remittances sent by Bulgarians living in the euro area, the euro has already gained a
significant presence here in Bulgaria. Bulgarian enterprises can carry out transactions with
business partners in all 17 euro area countries using just the euro.
Bulgaria, like any other Member State without an "opt out" clause, is expected to adopt the
euro at some point in the future. As you know, the road to euro adoption is well defined and
the requirements are laid out in the Treaty and the Protocol on the convergence criteria. The
decision to adopt the euro is a very fundamental one and should not be taken lightly. Very
careful preparation is required to ensure that convergence is sustainable and participation in
the euro area is successful.
Appropriate economic policies are necessary not only before, but also after the adoption of
the euro. The challenges that some euro area countries are currently facing illustrate the
importance of sustainable convergence very clearly.
Achieving an environment conducive to sustainable convergence in Bulgaria requires the
conduct of economic policies geared towards ensuring overall macroeconomic stability,
including sustainable price stability. Given the limited room for manoeuvre for monetary
policy under the currency board arrangement, it is imperative that other policy areas provide
the economy with the wherewithal to cope with country-specific shocks and to avoid the
recurrence of macroeconomic imbalances. Let me emphasise in particular the role of fiscal
policy, which is one of the most important macroeconomic management tools at the disposal
of policy-makers.
Since the accession of Bulgaria to the European Union and the European System of Central
Banks in 2007, Bulgarian citizens have already become more familiar with the euro
banknotes and coins. The objective of the Euro Exhibition is to improve the general public's
awareness of the euro banknotes and coins and their security features, and explain how to
distinguish a genuine euro banknote from a counterfeit.
The Euro Exhibition gives visitors the chance to explore subjects ranging from the history of
money to the production of banknotes. As you walk around the exhibition, you will no doubt
recognise the images of bridges that feature on the back of the euro banknotes. They
symbolise the communication between the people of Europe and between Europe and the
rest of the world. The bridges also represent the connection between the past and the
present, and symbolise a common European future. The diversity of Europe is reflected on
the national sides of the euro coins, which depict national icons and symbols representing
the heritage and culture of each euro area country.
The exhibition also has plenty to interest the younger generation. In the kids' corner, children
can play educational computer games, learn more about the features of euro banknotes from
interactive displays and follow the story of Anna and Alex as they catch counterfeiters. Many
other interactive components of the Euro Exhibition will appeal to both children and adults
alike. The best way to learn how to check the authenticity of a euro banknote is to explore
the security features showcases. And why not investigate the showcase displaying the
different steps in banknote production or try to lift the weight of a gold bar?
Sofia is the 11th city to play host to the Euro Exhibition. Previously the Euro Exhibition has
travelled to Frankfurt, Bratislava, Barcelona, Rome, Berlin, Luxembourg, Warsaw, Tallinn,
Bucharest and Paris.
Several activities are planned in 2012 to mark the tenth anniversary of the introduction of the
euro banknotes and coins and I would encourage you to keep checking the "euro pages" of
the ECB's website for news on the initiatives that we plan to launch.
Governor Iskrov, ladies and gentlemen, I sincerely hope that you enjoy your visit to the
Euro Exhibition today here in Sofia. It is a pleasure for me, on behalf of the European Central
Bank, to declare the exhibition open.