willem f duisenberg : a new future for europe - welcoming the euro banknotes and coins keynote address by dr willem f duisenberg, president of the european central bank, at an awards ceremony and press conference held on the eve of the introduction of the euro banknotes and coins, frankfurt, 31 december 2001. * * * good morning ladies and gentlemen, children welcome to the final countdown to the euro banknotes and coins. of course, new year's eve is traditionally a time to take stock, to look back and to look forward. this year, however, we are very much looking forward - in more than one sense - to the introduction of the euro banknotes and coins. over 300 million europeans will be using them every day from now on, so our countdown is leading towards a new era for europe. that is why i am particularly pleased to have with us today young people from all twelve nations of the euro area - austria belgium, finland, france, germany, greece, ireland, italy, luxembourg, the netherlands, portugal and spain. they, in a very real sense, represent the future of europe itself. and that is also why i wish to extend a special welcome to the winners of our “ be a euro superstar ” competition and their families. all of us here congratulate you. by entering the competition you showed an enthusiasm to learn more about the new money. you set us an example because you took the initiative to familiarise yourself with our new money. you were chosen from among the more than 300, 000 young people who learned about the seven new euro banknotes and eight new euro coins in order to participate in the competition. we congratulate them and their teachers as well. a single currency is a dream which europeans have had for decades. but why did europeans have that dream? and why did europe pursue that dream when no one had ever attempted before to replace a dozen currencies simultaneously with a single currency? perhaps i can best explain that to you if i begin by revealing something which you may have trouble believing. it is this : i, too, was once a child. and the europe into which i was born was a very different place from the europe of today. it was part of a world suffering from a terrible economic depression. it was a continent whose nations were about to learn the terrible lessons of war for a second time in less than half a century. out of the folly of dictatorship and the errors of protectionism was born

a new determination among europeans to work with, instead of against, each other, and to respect each other ’ s differences and to learn from them. in the 20th century, europe ’ s nations learned that they could only secure their rightful place in a world made smaller by telecommunications and modern transport by working together and by developing their economies in a spirit of co - operation. so the concept of a european community leading to a single currency goes back quite a way. but, as you know, the euro is also a very young currency - much younger than you, the euro superstars, are. the euro was launched three years ago. and, in fact, even though you have been paying for things in your national currencies, all market transactions have actually been calculated in euro for the past three years. while i pay tribute to the skills you young people demonstrated to learn about the euro and earn the right to be here today, i must say that the three - year old euro is quite a precocious child. in those three years, the euro has clearly demonstrated it can achieve its main objectives. these include ensuring price stability, enhancing market transparency across national borders, and facilitating commerce both inside and outside europe. you might even say that it is already achieving what its design symbolises. you know that one side of the banknotes depicts the windows of a society open to the world. and the other side of the banknotes shows the bridges of a community of people working together with their neighbours, both inside and outside europe. at midnight tonight, we, the 300 million people of the euro area, will all cross a symbolic bridge - like those shown on the euro banknotes - and move towards greater openness and co - operation between our 12 nations. by using the euro banknotes and coins, we will give a clear signal of the confidence and hope we have in tomorrow ’ s europe. you also have learned about the coins, where one side symbolises the different histories and cultures that contribute so much to our strengths. indeed, because we share the euro with our neighbours in europe, our money will be a true catalyst for integration, and is helping to build a community enriched by our diversity of cultures and strengthened by our common values of democracy and individual opportunity. i firmly believe that, because of what the euro has shown it can achieve, and also because of the shared values it symbolises, europe is stronger than it would ever have been without the dream of the euro coming true.