willem f duisenberg : a new future for europe - welcoming the euro banknotes and coins keynote address by dr willem f duisenberg, president of the european central bank, at an awards ceremony and press conference held on the eve of the introduction of the euro banknotes and coins, frankfurt, 31 december 2001. * * * good morning ladies and gentlemen, children welcome to the final countdown to the euro banknotes and coins. of course, new year's eve is traditionally a time to take stock, to look back and to look forward. this year, however, we are very much looking forward - in more than one sense - to the introduction of the euro banknotes and coins. over 300 million europeans will be using them every day from now on, so our countdown is leading towards a new era for europe. that is why i am particularly pleased to have with us today young people from all twelve nations of the euro area - austria belgium, finland, france, germany, greece, ireland, italy, luxembourg, the netherlands, portugal and spain. they, in a very real sense, represent the future of europe itself. and that is also why i wish to extend a special welcome to the winners of our “ be a euro superstar ” competition and their families. all of us here congratulate you. by entering the competition you showed an enthusiasm to learn more about the new money. you set us an example because you took the initiative to familiarise yourself with our new money. you were chosen from among the more than 300, 000 young people who learned about the seven new euro banknotes and eight new euro coins in order to participate in the competition. we congratulate them and their teachers as well. a single currency is a dream which europeans have had for decades. but why did europeans have that dream? and why did europe pursue that dream when no one had ever attempted before to replace a dozen currencies simultaneously with a single currency? perhaps i can best explain that to you if i begin by revealing something which you may have trouble believing. it is this : i, too, was once a child. and the europe into which i was born was a very different place from the europe of today. it was part of a world suffering from a terrible economic depression. it was a continent whose nations were about to learn the terrible lessons of war for a second time in less than half a century. out of the folly of dictatorship and the errors of protectionism was born

one of the lessons learned from the crisis is that any new healthy money should go to a healthy business initiative. we need to encourage highly productive sectors of the economy. this is the only way to ensure revitalisation of the economy and make it a dignified european partner. second, i would like to encourage the banking system to be more dynamic, by looking continuously for worth - funding opportunities. offer reliable funding packages by assigning priority to economic health of the country, which would, in turn, guarantee the long - term success of your business. do the utmost to increase the lobbying authority and capacity with the albanian executive, parliament and judiciary. intensify your contacts with business associations and analyse every claim or request, case by case, even if it comes from a single business. take a public stance in any case so that speculations and abuse are reduced to maximum. engage all your financial, human and media arsenal for a more solid anchoring of your expectations with the public. turn the public into your most powerful anchor. third, i would like to call for the albanian executive to increase the confidence in and support to the banking system, especially as regards finalising legal amendments on collateral execution. bis central bankers ’ speeches cooperation between public institutions and the banking system may be fruitful also in terms of introducing specific development programmes and providing financial and concession support to sectors, branches, important operators, including foreign investors. fourth, i would consider as vital a broad - based consensus of the entire political spectrum for supporting the bank of albania ’ s efforts and moves to maintain the country ’ s macro - financial stability. we remain open to explain continuously, transparently and responsibly our past, present and future decision - making. we remain firm in our position that a central bank is successful and enjoys the trust of the public when it makes independent, far - sighted and fully transparent decisions. in these moments, the unquestionable guarantee that the bank of albania gives to the public for the country ’ s macro - financial stability is paramount. fifth, i would like to encourage the albanian and international media to uphold the good tradition of accurate and real - time transmission of economic and financial developments in albania, including the activity of the bank of albania and the financial sector, which occupy a significant place. last but not least, i would like the albanian public to continue to be discreet and have full confidence in the financial architecture we have built. we commend its added prudence, which is