This is a more controversial topic which neither the EU Council of Ministers nor the European Council summits have discussed as yet. The balance has to be struck not only between the economic and monetary aspects but also between the political and the monetary. The creation of such an entity is more a matter of political will than of any radical institutional innovations, since the Maastricht Treaty already provides for the necessary institutional arrangements. More streamlined, open and accountable discussion and decision-making would also help get our message across to public opinion. But we really have to ask ourselves whether the successful launch of EMU in 1999 does not in fact depend partly on some solid progress now in coordinating economic policies and Community measures.
Unemployment is an absolutely central issue in Europe today.
Opponents of a single currency claim it can only be achieved at the expense of jobs. This dichotomy is as politically dangerous as it is economically untrue. Supporters of EMU need to counter these claims not only by pointing to the benefits of the single currency but by taking positive action. This is the idea behind the proposal for a confidence pact the current President of the Commission, Jacques Santer, and I put forward in March. Those are in my view the real tasks for the months and years ahead.