taken into account even in the alloying of the coins : for the protection of persons suffering from allergies, the nickel content in the coins was substantially reduced. this was motivated by the reasoning that the changeover to the euro and the acceptance of the new banknotes and coins will be made easier if banknotes and coins are distinguishable by optical features and features identifiable by touch. creating a link between the diameter and the face value of the euro coins has also make it easier to tell them apart. anyhow, consumers will quickly become accustomed to the new banknotes and coins in their daily operations. vi. let me sum up my statement as follows : the ec treaty commits the european central bank to ensuring a euro which is conducive to price stability. consumers are able to become accustomed to the prices in the new currency thanks to the dual display of prices. likewise, people will be comprehensively informed about the design of the euro banknotes and coins. finally structures are being created to curb crime in connection with the introduction of the euro as much as possible. the basis for a smooth transition to the new medium of payment has been created. consumers can hence look forward to a stable and counterfeit - proof euro in the next millennium.

as the race to the bottom. success in slashing tariffs gave rise to the belief that ever more integration of global markets would foster prosperity growth for all participating societies. globalisation advocates identified divergent national regulations as being the great remaining non - tariff barrier to trade. to increase the reach of the global market and to further raise prosperity, they recommended harmonising national regulations in order to reduce transaction costs. this led to trade agreements that harmonised rules far beyond reducing simple trade hurdles. this harmonisation pressure did not come in the shape of formal international agreements alone ; it also came in the shape of informal pressure to adjust to global market pressure, potentially leading a country to consider itself limited in its policy choices because it perceived the threat of firms moving to locations with more favourable conditions. 6 at the time, wide - ranging global liberalisation and harmonisation were widely seen as a panacea. but the downside is that it limits countries in their individual policy choices. just think about criticism levelled against ceta, the comprehensive canada - eutrade deal, and ttip, the corresponding us - eu project. and also britain ’ s desire to set its own rules can be viewed in this light. comprehensive, rule - harmonising agreements have the drawback of giving more influence to global institutions and international firms than is legitimate with respect to democratic principles. moreover, they leave insufficient room for institutional, legal and regulatory diversity between countries with different histories and preferences. and these examples show one thing very clearly : when governments and parliaments seek to regulate markets and firms freedoms – for example by taxing corporations or setting labour and environmental standards – but resist because they feel constrained by harmonised rules and global market pressures, this can undermine social contracts and lead to political polarisation. in sum, globalisation is both good and bad. on the one hand, liberalising trade and connecting the world economy has created substantial wealth. we need to be careful not to throw this away. retreating to purely nationalist solutions would almost certainly make things worse – for almost everyone in our societies. yet on the other hand, globalisation might have gone too far – the dose chosen over the past 40 years probably has been too much of a good thing. 2 / 7 bis central bankers'speeches 3. accepting the limits of globalisation what can we do about it? we need a middle way between the positions of globalisation advocates and opponents – a solution that harnesses globalisation ’ s benefits and limits its negative repercus