This should mean that the use of the euro will develop quickly in international trade, in financial markets and as a reserve currency. In the process, the international financial system will become more balanced. These developments should open the way for a closer macro-economic dialogue at international level as a factor for greater exchange rate stability. This is because both have sound economic policies which inspire market confidence. The euro will be a credible currency, providing an opportunity to establish more stable international monetary relationships.
China is also committed to stability.
China and the EU have an opportunity to co-operate in order to strengthen the international monetary system. This high level visit by President Santer, Sir Leon Brittan and myself are proof of the EU commitment to driving this process forward. Thank you for your attention. Yves-Thibault de Silguy is the member of the Commission responsible for economic, monetary and financial affairs. Click here for the European Commission's page on Jaques Santer's visit to China .