- mark banknotes end up after 2002 as mulch for the famous hock wine, which is and will continue to be produced not far from frankfurt. vii the euro is both a chance and a challenge. the challenges cannot be met by short - term compliance with the selection criteria. what is necessary is the ability and the political will lastingly to accept the implications of a stability - oriented monetary union. to ensure that, europe also and above all needs british thinking. europe needs a competitive orientation and responsibility on the part of individuals and nations alike. these values are much too precious to be national orientations alone. they deserve to become european goals and values. they are what we are waiting for!

neighbouring countries, the issue reflects some very much more profound social problems. in our country, employment touches on basic issues such as the acceptance of more responsibility by the individual, the willingness to be more flexible, the reduction of individual demands on the state and society. that brings me, finally, to the third e : emu. eddie george once described the challenges posed by emu by referring to the fairy tale of beauty and the beast : - the beauty lies in intra - european exchange rate certainty. - the beast is the single monetary policy - the single, “ one - size - fits - all ”, interest rate. - the crucial question is : can we reasonably hope that beauty ’ s beast will turn into prince charming? or - at least into a prince whose stability - oriented discipline will be accepted in all participating countries? the next year will see some crucial decisions for europe. the time schedule provides for the concrete decision about the member states of the first round in spring 1998. i hope that all countries which today are pressing for participation right from the start are aware of the economic and political implications of a supranational monetary union. monetary union is not only a route without a return. it also involves huge challenges to the flexibility of the economy ( especially in the area of labour costs ) and also to the lasting stability - orientation of national policies. the exchange rate will then no longer be available as an instrument of adjustment between the participating economies. monetary union will change europe politically as well. that cannot be otherwise, since the surrender of monetary responsibility signifies a fundamental break for the participating countries. the crucial factor is - that monetary union, through its success, lays the foundation for a rational further development in europe ; - and that it does not change europe - through its failure - in the direction of a transfer union or of stronger centralisation, which hopefully nobody really wants. for that reason, we must do all we can to ensure that the economic foundation is and remains sustainable, - from compliance with the convergence criteria, especially in the sense of sustainability, - to an adequate level of internal flexibility and innovativeness. i hope that the decision which will be taken under the british presidency at the beginning of may will satisfy these requirements. then, but only then, can the d - mark - which by then will have celebrated its 50th anniversary - safely give way to a lastingly stable euro. and then i will not mind if - as the financial times wrote just a few days ago - d