zone that comprises 12 countries requires adaptation on all sides, though i am confident that we are moving up a rather steep learning curve. the months ahead will also see the final phase of our preparations for the introduction of euro banknotes and coins. guaranteeing an adequate supply of euro banknotes and coins for some 300 million citizens of the euro area, adapting cash dispensers ( atms ) and vending machines, switching the displays of retail prices, and the many other necessary changes - all this adds up to an organisational and logistical task on an almost unprecedented scale, not only for the ecb and the national central banks, but also for the member states'governments, the banking community and retailers. the preparations for these manifold challenges have now become a clear political priority. the true " test " of the euro, however, will be its acceptance by the european citizens as " their " currency. in order to familiarise the public with the new currency, its appearance and security features, the ecb, the national central banks, the governments of the euro area member states, the european commission as well as the banking community have embarked on a major information campaign. the ecb and the 12 national central banks of the euro area alone have earmarked eur 80 million for their public relations efforts. in addition, we are preparing to open an ecb information centre at the eurotower in frankfurt. in the weeks to come, we will also be launching a special " euro website ". finally, in order to gain the citizens'trust in the euro, we will have to " safeguard the currency " in a broader sense, and that includes setting up a comprehensive system to protect our new currency from counterfeiting. to this end, the ecb and the national central banks have joined forces with the governments of eu member states, europol and the european commission, and the necessary provisions are being finalised. mr. president, ladies and gentlemen, in addition to the ecb's immediate challenges, the longer - term success of the euro is also linked to the wider constitutional evolution of the european union. the draft resolution of the assembly, for instance, calls for the establishment of a true economic union as a complement to monetary union. unfortunately, the concept of " economic union " does not appear to be very well defined. in fact, i would argue that the eu, with its single market and a vast number of common rules governing economic life, has already reached an advanced stage

markets within the euro area and increased efforts to adjust the related regulatory structures to the reality of the euro. the ecb, as an institution, has grown in stature ; it has defined its specific place within the institutional architecture of the eu and is actively developing its international relations. mr. president, ladies and gentlemen, while we undoubtedly regard the aforementioned achievements with a certain satisfaction, we are far from becoming complacent. already during our exchanges in april 1999 in frankfurt, i emphasised that the ecb does not anticipate settling down into " business as usual " anytime soon. in fact, a great number of challenges remain, not only for the ecb as an institution, but also for the eu in its integration process and for the greater europe. allow me to elaborate : our main challenge, as " guardians of the euro ", is to continue to maintain price stability, and thus to provide the citizens of the euro area with a stable and trusted currency. in the coming months, our focus will be on avoiding possible second - round effects of the temporary increase in inflation, which was due to the depreciation of the euro and the oil price surge. even though we have recently seen an appreciation of the euro and a decline in the price of oil, we will nevertheless keep calling on the social partners to conclude moderate wage agreements. we will also continue to closely observe developments outside the euro area, in particular in the united states and in the world economy in general. furthermore, the ecb will continue to urge governments to press ahead with much needed structural reforms, in order to increase the growth potential of the euro area economy. the ecb also faces a " communication challenge ". as i have pointed out on various occasions, there is certainly room for improvement in communicating the ecb's policy decisions and measures. the ecb is - i believe - already one of the most open and transparent central banks in the world. our recent decision to publish projections of economic developments, jointly produced by the staff of the ecb and the 12 euro area national central banks, certainly underscores our efforts in this respect. therefore, i would not see the availability of information about the ecb's thinking and policy outlook as the principal difficulty. rather, it is the multinational and multilingual environment of the euro area, with its widely differing communication practices and traditions - both at the sending and at the receiving end - which presents a particular challenge. a single monetary policy for a currency