building. bearing all these in mind, one cannot be oblivious to the role which the training centers, such as the cef, do have in building the architecture of knowledge. in fact, the global crisis accentuated even more their importance. they embrace and combine the latest theoretical and practical views, trying to spread the new ideas and help policymakers deliver optimal policy responses. the cef has proved to be a leading institution in helping policy makers to improve institutional capacities. main instruments used to achieve this objective are training, to promote awareness of international standards and best practices in public financial management and central banking, as well as provision of technical assistance. also, it serves as a platform for exchange of information and for discussing and learning about different policy challenges. by closely monitoring the implementation of the reforms and mapping further reform needs, it designs up - to date and demand - driven capacity building programs. the cef serves as a regional network that focuses on the regional issues offering regional solutions, to the extent possible. at the same time, as one shock does not always symmetrically affect all of us, and not all the policy responses are alike, by gathering all of us, sharing of valuable experiences is enabled. looking forward, the eu integration remains a main anchor for the macroeconomic policies in the region. we are all facing similar problems and challenges in our efforts to bring our national economies up to the eu standards. the convergence process appears to be a bumpy and thorny road, but worthy as it will finally lead to better living standards of our nations, which is a final objective of each government. in this light, i strongly believe that the cef will continue to play a crucial role on our way towards the eu integration. this event will be focused on a topic that emphasizes the importance of human capital as one of the essential assets of each institution. for the institutions that are socially responsible and work for the benefit of all citizens, the most important indicator for measuring the success in achieving their strategic goals, is the quality of the policies. one of the biggest and toughest tasks of the hrm function, is probably managing the knowledge and building the expertise of intellectual force of the institution, through continuous training and professional development. in order to be effective, organisations must be able to understand that human capital alone will not create value. people have to be motivated and managed by the use of good human resource practices and given the opportunity to develop and use their skills to create valuable goods and services. if the knowledge

to europe next year, you will meet the euro wherever you go – because in just a few weeks it will exist in physical form. paris, rome, brussels or berlin : in most of europe, you will be able to pay with a single currency – euro bills and coins – starting on january 1, 2002. for you here in the united states, it is natural that the dollar is legal tender in all fifty states of the union. for us in europe, though, monetary union is a quantum leap, both politically and economically. in my speech i would like to address the following issues : 1. the historical background of the euro. 2. the essential features of the new system and its ramifications. 3. the future outlook for the euro – the political agenda. the historical background of the euro the euro is not quite as new as the title of my speech would lead you to believe. in fact, the euro is already a reality. the new european currency was born nearly three years ago when europe entered stage three of economic and monetary union. however, compared with the dollar and its long tradition, the euro is a “ rookie ” in the monetary policy league. however, this “ rookie ” took the field after going through a tough “ training camp ” on the field of stability. nearly five decades ago, far - sighted european politicians kicked off the drive toward european unification. sure, this drive has repeatedly been hampered by setbacks. however, the thrust towards greater integration has ultimately been unmistakable. european economic integration has been firmly established according to the principle of an “ open market economy with free competition. ” this was not as obvious back then, as it seems today. here in the united states, in particular, people might say “ what else? ” in europe, though, it would behoove us to keep reminding ourselves of what it takes for a market economy such as ours to function properly. only by paying attention to fundamental principles - personal responsibility, individual initiative, entrepreneurial spirit, and competition – can social equity be achieved ; and this is what is needed to overcome the severe structural problems that still beset europe. we europeans can learn much in this sphere from the united states. the latest and greatest step towards integration in europe has been entry into stage three of economic and monetary union. the euro - area countries have entered into a community of solidarity without any “ exit. ” there is no precedent for this unique project. in fact, it can rightly be called the