First, the method for fixing conversion rates between the euro and participating currencies. It is essential to know this before 1st January 1999 and possibly no later than the decision of the list of participating countries. Second, the impact of the euro's arrival on financial markets. This is a vast subject covering matters such as redenomination of fixed rate securities and shares, market conventions, the coordination of the issuing policies of sovereign issuers and the credit rating system. Finally, transitional arrangements affecting the general public.
Many questions are still open.
Precise answers to all of these questions need to be clear by next March to enable decisions to be taken in late April or early May 1998 when the first participating countries are chosen. I have aimed to give you a brief summary of the state of play. The bulk of the work has been completed. We are well past the point of no return. We are entering the finishing straight to the euro.