##largement, both by the eu and by the acceding countries, provide a vivid illustration of the willingness among member states to implement european solutions to european issues. conclusion ladies and gentlemen, the european union can be proud of its qualities, its clear objectives, its willingness to co - operate and its openness to “ newcomers ”. i am optimistic that despite the profound tasks that lay ahead the eu will maintain these qualities. europe will sail on with a strengthened crew and a modernised ship. yet, we all have to play a constructive role in this. there are investments to be made for rebuilding the new member states and there are financial services to be integrated into one european market. i sincerely believe that monetary union contributes to accomplishing these tasks. the euro has become a strong symbol of europe. it makes the world “ identify europe ” and helps europeans to identify with europe. i am grateful that as new president of the european central bank i have the opportunity to ensure that the euro will continue to stand for a successful europe. thank you for your attention.

that makes the eu fit for the future. second, the union has to integrate an unprecedented number of new member states. in my speech, i will concentrate on these two tasks and discuss to what extent - from the perspective of a central banker - the eu is on the right track. i will, however, start by identifying what i regard as the three key qualities of the european union. three key qualities of the european union the european union is a remarkable endeavour which is absolutely unique in human history. three reasons are, most of the time, proposed for explaining this collective will of the europeans to unite. first, the lessons drawn from the wars, particularly the last two world wars, which were, from a european standpoint, abominable civil wars. second, after world war ii the emergence of the soviet union empire creating a major economic, social and strategic threat for europe. and third, the challenge of global economic competition which called upon the setting up of a large single market to benefit from economies of scale of the same order of magnitude as those existing in the us single market. ensure peace amongst the europeans, protect europe against external threats, permit europe to cope efficiently with global competition had undoubtedly played a role in the bold european adventure of the last half century. but i am not sure that they are really telling the full story. in a way all these reasons are defensive, aiming at protecting europe against domestic and external dangers. i trust that at the heart of the european ideal of today there are also ideas that are profoundly enshrined in the european psyche : the idea of universality which is topical in the “ enlightenment ”, in der “ aufklarung ”, dans les “ lumieres ”. in this perspective, european union “ in motion ” would be also driven by this profound and rich european dedication to universality which is at the root of our civilisation and the ultimate goal of the europeans. i am referring to fertile ideas of ancient times. but as jean monnet said in his “ memoires ” : “ there is no such thing as premature ideas, there are only ripe times that one should wait for. ” whatever the complex set of reasons, almost fifty years ago european nation states took a bold step : they decided to work together. they initiated a european project which over time transformed this continent. i have always seen the european union as an impressive sailing ship with strong masts and many sails. this sailing ship and its crew have three very important qualities