London and Frankfurt have built a link, and so have Paris and Milan. Shares are already quoted in euros, and various financial groups are offering Euro stock market indices for investors who want to treat the euro-zone as a single economic entity, rather than as a collection of independent states. We may also see, over time, that foreign central banks rebalance their reserve portfolios to take account of the euro. What I believe is that the process of European integration has not ended with the euro. Fiscal harmonisation will be next on the agenda, and who knows maybe even a harmonisation of Europe's ailing social security and welfare systems.
Foreign policy is another issue.
I believe ultimately that a single economic zone cannot have different external interests. But we are talking here a very long time indeed. For Europe's partners, the best approach would be to allow the euro-zone to succeed, and be prepared for a high degree of confusion in the meantime. As a close observer of European economic policy, the promise that European politics will remain confusing is the one forecast that I am quite confident to make. Thank you very much.