willem f duisenberg : perspectives on eu enlargement speech by dr willem f duisenberg, president of the european central bank, on the occasion of receiving an honorary doctorate from imadec university, vienna, 14 october 2002. * * * dear klaus, ladies and gentlemen, it is a great privilege for me to be awarded an honorary doctorate today by such a distinguished institution, imadec university, in austria. it is also a great pleasure to hear the kind words of my colleague and friend, governor klaus liebscher. when listening to klaus liebscher, who has indeed studied my curriculum vitae in great depth, shakespeare's words came to my mind and i thought for a moment he had come to bury me, although he has actually come to praise me. i am afraid that this is the fate of anybody whose retirement comes within sight. nothing but good should be said of the dead, they say. considering that i am still alive, it is even more gratifying to hear nothing but good things about myself ; perhaps with the exception of my addiction to tobacco - an addiction that klaus and i happen to share. there is one thing i should like to emphasise in the laudation. as klaus liebscher has just said, my career has benefited from a “ summe von zufalligkeiten ” that i have been lucky enough to encounter throughout my professional life. hard work, clear objectives and a predilection for one's profession are necessary but not always sufficient conditions for success ; being in the right place at the right time is likely to provide momentous opportunities that may contribute to making anyone's career more challenging. however, in my reply to klaus liebscher's laudation, i should like to leave the past at rest and focus on the future, just as klaus has done in the second part of his speech. i should particularly like to make a link between klaus's comments about the importance of stability - oriented macroeconomic policies - to which i fully subscribe - and one of the key challenges the european union is facing, enlargement, most likely involving ten new member countries. the enlargement of the european union is a subject that has received much interest in this country in particular, given its proximity to central and eastern europe. indeed, the accession of ten new countries will now place austria in the geographical heart of the european union, although austria has already been at the heart of the european integration

major challenges in restructuring markets and industries, enhancing fiscal sustainability, and fostering technological advancement and the enlargement of the euro area. speaking of enlargement, which will be the topic of the following session, i would like to stress the great opportunity it offers for the european economy as a whole. fears and doubts have been expressed. i recall that the same fears and doubts were expressed back in 1986, at the time when spain and portugal joined the european union. today, nobody would dispute the positive impact their accession had on the european economy. beyond the enlargement of the european union will come the enlargement of the euro area. joining the euro area is a very important step, as it is an irreversible decision. this requires careful preparation. every country will be assessed on its own merits and its own particular situation, on the basis of a strict analysis of the convergence criteria. moreover, economic and monetary convergence will need to be sustainable, which means that it can be maintained over the long term. on this basis, the new member states and europe as a whole will fully reap all the economic benefits we can expect from the enlargement. i thank you for your attention. je vous remercie de votre attention.