as possible also speak one common language? could our education systems not make this happen? this cannot, of course, be accomplished overnight, but should we not at least try to make the issue less sensitive than it still is? history is in some respects another barrier. there is no alternative but to recognise this and work to overcome it. i believe this lies at the heart of the european integration process. european integration has been, is and will continue to be, a step - by - step process. it will certainly suffer setbacks at times, but on balance it is contributing to peace, stability and prosperity. what often strikes me is the negative, gloomy attitude of many europeans towards european integration. this project deserves a different attitude. we should see europe as an opportunity, a positive challenge, rather than as a threat or a cost. european integration is a unique and fascinating process and i wish that this were more strongly reflected in the attitude of many towards it. we also need the energy which is born of such an attitude to deal with the challenge posed by the accession of new countries to the european union and the euro area. let me now turn to that issue and deal with it from the perspective of the ecb. 3. 3 coping with the accession of new countries to the eu and the euro area four countries of the european union have not yet adopted the euro. they may well join in the medium term. a greater challenge is the potential accession of still more countries to the european union and ultimately the euro area. negotiations are currently being conducted with six countries. negotiations with another six candidates may start soon. the so - called copenhagen criteria must be fulfilled for eu membership. they read as follows : • stability of institutions guaranteeing democracy, the rule of law, human rights and respect for and protection of minorities ( political criteria ) ; • the existence of a functioning market economy as well as the capacity to cope with competitive pressure and market forces within the european union ( economic criteria ) ; and • the ability to take on the obligations of membership including adherence to the aims of political, economic and monetary union ( acquis communautaire criteria ). accession is a political decision, but it is clear that the entry of new members into the eu will have consequences for the ecb and the eurosystem. the three steps of accession to the eu, becoming a member of the exchange rate system erm ii and adopting the euro should be seen as a continuum. this autumn, em

, stable and prosperous europe. the unification of germany almost a decade ago, and the removal of the iron curtain have placed germany even further, as it were, in the heart of europe. these fundamental changes make clear that the motives for european integration are no less valid today than 50 years ago. the main vehicle for european integration has been economic integration, via the coal and steel industry, from establishing a customs union, the european monetary system, to the single market programme and the introduction of the euro. “ trade, do not fight ” or perhaps better “ trade and you will not fight ” was the basic philosophy. given this background, it is striking that economists all too often assess the costs and benefits of european integration in purely economic terms and in a rather static context. this is clearly too narrow an approach. nonetheless, the economics of european integration are important. the political objectives can only be met if economic integration is successful and placed on a sound economic footing. this is also where the role of the central banker comes in. he or she should not and does not decide on the steps to be taken in the integration process. that is in the realm of politics and is also market - driven. the central banker advises and points out the conditions which have to be met for certain steps to be taken safely. the reverse is also true : the central banker and central banks are for their part influenced by the integration process, and the greater the level of integration in the monetary field, the greater the impact upon them. the central bank and the central banker are operating in an environment, which is affected by the ongoing integration process. this has to be taken into account. moreover, the question arises as to whether a single monetary policy ultimately calls for further integration in other areas. in retrospect, it can be concluded that, thus far, the european integration process has, on balance, been successful. in our part of europe we have experienced peace since the process was initiated and we have seen a continuous growth in earnings and wealth. the further process of gradual integration has now culminated in the emergence of a single currency. there is no room, however, for complacency. looking back, let me also draw some more specific conclusions : 1. the integration process has been marked by ups and downs, often in step with the course of the business cycle or in connection with major shocks, such as german unification. the road has been long and winding, sometimes bumpy. 2. long ago european integration