##igung an geldpolitischen fragestellungen und der geldpolitischen forschung auf europaischer und internationaler ebene werden sehr geschatzt. jean - pierre roth, dem wir unsere regelmaßigen zusammenkunfte in basel zu verdanken haben, leistet als prasident des verwaltungsrats der bank fur internationalen zahlungsausgleich hervorragende arbeit. ihm mochte ich heute meine besondere anerkennung aussprechen. finally, let me particularly emphasise that price stability is a necessary condition for sustainable growth and sustainable job creation. i made the point recently several times that since the creation of the euro on the 1st of january 1999, during the first eight years, more than 12 million jobs were created in the euro area. i underlined it could be compared with less than 3 million during the eight years before the euro. i also stressed that the current level of unemployment, at 7. 1 %, is the lowest for 25 years. can i also stress here in switzerland that the sound and wise monetary policy of the swiss central bank and the level of price stability which has been attained throughout the last hundred years are one of the major causes of the full employment success of your country. i thank you for your attention. references assenmacher - wesche, katrin, and gerlach, stefan ( 2006a ), “ interpreting euro area inflation at high and low frequencies ”, bis working paper no 195, february 2006 assenmacher - wesche, katrin, and gerlach, stefan ( 2006b ), “ money growth, output gaps and inflation at low and high frequency : spectral estimates for switzerland ”, swiss national bank working paper 2006 / 5 benati, luca ( 2007 ), “ long - run evidence on money growth and inflation ”, european central bank, mimeo blinder, alan ( 1998 ), “ central banking in theory and practice ”, cambridge, mass. the mit press delong, bradford j. ( 2000 ), “ america ’ s historical experience with low inflation ”, journal of money, credit, and banking, vol 32 ( 4 ), pp. 979 - 993 friedman, milton, and schwartz, anna jacobson ( 1963 ), “ a monetary history of the united states,

willem f duisenberg : testimony before the committee on economic and monetary affairs of the european parliament introductory statement by dr willem f. duisenberg, president of the european central bank, brussels, 23 january 2002 * * * before starting my presentation, allow me, mrs. randzio - plath, to congratulate you on your re - election as chairwoman of this committee. i am looking forward indeed to continuing the co - operation with you and the committee on economic and monetary affairs in the same open and constructive spirit that has always marked our regular exchanges of views. just over three weeks ago, we witnessed a historic moment : the euro, first introduced on 1 january 1999 and successfully used for non - cash operations both within the euro area and on international financial markets for the past three years, became tangible reality. on 1 january 2002, the euro banknotes and coins became legal tender in the euro area and are now a visible symbol of europe's identity. indeed, paying with a single currency in daily transactions throughout the euro area can be regarded as an achievement of historic proportions as well as a major step forward in the process of european integration. 1. review of the euro cash changeover today, some three weeks after the introduction of the euro banknotes and coins, i am pleased to report to you that the cash changeover has so far progressed very smoothly, better than we expected. some minor mishaps have occurred here and there, and some may yet occur, but this is quite normal for such a massive operation, involving - in the 12 euro area countries alone - more than 300 million people. the completion of the changeover has been a complex, ambitious and unprecedented undertaking. in addition to the eu institutions, the eurosystem and national authorities, it was essential to closely involve the banking sector and security carriers, as well as retailers and the cash - operated machine industry, in the preparations at an early stage, as a smooth changeover, in a short period of time, could only be achieved through a systematic and co - ordinated interaction on the part of all leading actors. it required organisational, logistical, technical and economic efforts by all parties involved in the use and handling of banknotes and coins. at the end of the day, however, the success of the euro cash changeover also depended on a favourable attitude of and swift acceptance by all citizens. and, indeed, the european citizens have accepted their new currency rapidly and with enthusiasm, which can