Globalization is a fact.
After this week-end, we can add to the dictionary that the euro is a large European currency that is ready to fly. Let me start with the euro. Last week-end, the European Heads of State and Government nominated the 11 Member States that will participate in the euro as of the 1st of January 1999. This means that exchange rates between the participating currencies will be irrevocably fixed between each other and relative to the euro. From this date onwards, the euro will be our single currency and be used in the banking system, in wholesale financial and capital markets and can be used by the private sector.