course, the euro can in part rely on the track record of its 11 legacy currencies. at the same time, the euro is a new currency used in the second largest economic area of the world. this size factor, particularly as far as the euro area capital markets are concerned, may influence cross - border uses of the euro, both by residents and non - residents. the internationalisation of the euro will be affected by the soundness and credibility of the economic policies pursued in the euro area. this leads me to touch upon the notion of the euro being “ a currency without a state ”, which i mentioned in my introduction. in this respect, one has to recognise the uniqueness of the overall policy framework in the euro area. it combines monetary policy conducted at the community level with other macroeconomic and structural policies that remain national competencies. i do not see this unique policy framework as a factor which potentially hampers the acceptance and use of the euro domestically and internationally. such a framework is consistent with the current level of institutional and political integration in the community. even if it may arguably be improved, it has already shown its effectiveness, based on some basic principles. i should like to recall just three of those principles that are of relevance to my presentation today. first, a clear assignment of policy responsibilities, both in terms of well - defined objectives and appropriate means to fulfil them, is required on grounds of efficacy, transparency and accountability. with regard to monetary policy, this is ensured through the ecb ’ s independence in defining and implementing the euro area ’ s monetary policy and related functions. second, there is a need for the coordination of fiscal and structural policies that are conducted at the national level. in this respect, and without prejudice to their sovereignty, the member states are increasingly taking into account a euro area - wide perspective when preparing their national policies. third, this coordination should be based on best practices through the selection of those elements of national policies that are commonly regarded as being most efficient. this approach is broadly similar to the one used to design the ecb ’ s monetary policy framework, drawing on the track record of the national central banks. evidence of the international use of the euro by the private sector turning to less policy - related and more factual considerations, i should now like to recall briefly some developments in the international role of the euro since its introduction at the start of 1999. i shall begin with private sector use and shall then turn to the public sector. at

jean - claude trichet : what lessons can be learned from the economic and financial crisis? speech by mr jean - claude trichet, president of the european central bank, at the “ 5e rencontres de l ’ entreprise europeenne ”, organised by la tribune, roland berger and hec, paris, 17 march 2009. * * * monsieur le president, mesdames et messieurs, the “ rencontres de l ’ entreprise europeenne ” were established – if i may interpret your mission – as a tribute to entrepreneurship, the engine of growth in europe and, more broadly, in the global economy. looking around this room, i see myself surrounded by many entrepreneurial people who create the conditions for sustainable growth, who invest in both physical capital and human capital, and who are patient enough to wait for deferred payoffs. as a central banker, i very much appreciate the medium - term orientation of business. the current crisis has exposed a different and less far - sighted kind of investment attitude. i want to draw some parallels, and make some distinctions, between the two forms of economic activity and the lessons to be learned from them. tonight, i would like to examine the roots of the current crisis and the policy responses, which are taken to address it and to inspire a new sense of direction. i will also explain what i see as the main factors that can provide the basis for a resurgence of growth in the not so distant future. a future that will see companies and their employees in the real economy return to the forefront of economic activity. throughout, i will take inspiration from the words of jean monnet : “ to abandon a project because it meets too many obstacles is often a grave mistake : the obstacles themselves provide the friction to make movement possible. ” ( jean monnet, memoires, 1976 ). financial excesses in the last ten years, we saw a dramatic shift in influence away from entrepreneurship in the real economy to speculation and gambling in the financial sector. the assumption and the hedging of genuine economic risk gradually ceased to be the main concern of international finance. this is the risk that companies face when introducing innovative new products and new processes. over time, the creation and assumption of financial risk became the core activity of the financial industry. this is the risk inherent in arbitrage and deliberate exposure to asset price changes. at some point, the financial system seemed to be no longer there primarily to hedge existing