economies ( in particular montenegro ) have also illustrated, the unilateral adoption of the euro is not the magic tool that automatically provides protection against the impact of external shocks. concluding remarks let me conclude my remarks. the cee countries have already made significant progress with respect to their catching - up with the euro area. however, some of the countries have been severely hit by the financial crisis. this clearly has an impact on the state of the convergence process of the cee countries and has potentially moved euro adoption further into the future. the timetables of the euro adoption have to be carefully assessed, given particularly the large uncertainties that are associated with the current economic and financial situation. one thing, however, needs to be very clear. the financial crisis has not changed our policy for adopting the euro. therefore, to prematurely adopt the euro, in particular if not accompanied by a sufficient degree of sustainable convergence, is certainly not a solution to overcome the impact of the crisis. only a credible euro adoption strategy helps stabilising the economies, also with respect to the crisis impact. achieving sustainable convergence can be seen as an important anchor and an opportunity for the cee countries to adopt economic policies that will eventually lead to the successful adoption of the euro, hopefully not in the too distant future.

roger w ferguson, jr : economics and ethical behaviors remarks by mr roger w ferguson, jr, vice - chairman of the board of governors of the us federal reserve system, on the occasion of his acceptance of the 2004 distinguished alumni award, sidwell friends school, washington, dc, 22 may 2004. * * * i am pleased to be here today and honored to accept the sidwell friends school distinguished alumni award for 2004. it is awe - inspiring to be included in the company of so many accomplished graduates, including walter gilbert, hanna holborn gray, antonio casas, helen colson, and bill nye. all of you, as sidwell friends graduates and friends, clearly understand the value of a good education. indeed, economists have long noted an “ education premium ” in compensation, with college - educated workers earning approximately fifty percent more than workers with no more than a high school education. 1 however, you also know that a good education is more than just the classroom - based learning of facts, or even the skill of critical thinking. a truly outstanding education also encourages moral behaviors and appropriate decisions. sidwell friends, with its grounding in quaker traditions, certainly values the moral and ethical development of its students. fortunately, many schools teach the importance of choosing the “ hard right over the easy wrong. ” that is where i will focus my brief remarks. from my perspective as a policymaker, i want to commend the emphasis on a complete education, with technical, critical thinking, and ethical components, and encourage you and other schools to, if anything, redouble your efforts to instill moral values and ethical behaviors. obviously, we as sidwell graduates hope to exemplify those values as much as possible in our personal and professional dealings. similarly, i encourage the current generation of students to take advantage of the moral and ethical training available at these schools. do not forsake a solid grounding in those topics that will help you to do “ good ” while you are learning the skills required to do “ well. ” some of you may have noticed that i encouraged this focus on teaching and practicing ethical and cooperative behaviors as an economic policy maker. in that role, shouldn ’ t i encourage you to be only a coolly self - centered, utility - maximizing, homo economicus? the answer is no. economic outcomes are improved when market participants “ play by the rules. ” this fact has a strong grounding in economic theory and empirical research.