. at present, long - term futures prices for natural gas are, on a btu - equivalent basis, notably less expensive than those for crude oil. clearly, limited substitution possibilities across fuels have resulted in persistent cost differentials, but those very differentials inspire the technologies that, over time, reduce such limitations. a clear example is gas - to - liquids ( gtl ) technology, which converts natural gas to high - quality naphtha and to diesel fuel. given the large - scale production facilities that are currently being contemplated ( and some that have already begun construction ), gtl is poised to become an increasingly important component of the world's energy supply. current projections of production however remain modest. gtl promises to add a good measure of flexibility in the way natural gas resources are utilized. in addition, given the concerns over the long - term adequacy of liquid production capacity from conventional oil reserves, gtl may provide an attractive, competitively priced, option for making use of stranded gas, which, for lack of access to transportation infrastructure, cannot be brought to market. * * * we are unable to judge with certainty how technological possibilities will play out in the future, but we can say with some assurance that developments in energy markets will remain central in determining the longer - run health of our nation's economy. the experience of the past fifty years - - and indeed much longer than that - - affirms that market forces play the key role in conserving scarce energy resources, directing those resources to their most highly valued uses. adequate productive capacity, of course, is driven also by nonmarket and policy considerations. to be sure, energy issues present policymakers and citizens with difficult decisions and tradeoffs to make outside the market process. but those concerns, one hopes, will be addressed in a manner that, to the greatest extent possible, does not distort or stifle the meaningful functioning of our markets. we must remember that the same price signals that are so critical for balancing energy supply and demand in the short run also signal profit opportunities for long - term supply expansion. moreover, they stimulate the research and development that will unlock new approaches to energy production and use that we can now only scarcely envision.

would not say anything else. this is the governing council ’ s position. p. m. since france voted “ no ” to the referendum on the constitutional treaty, europe seems to be totally paralysed. does that worry you? j. - c. t. europe has experienced and is experiencing a complex historical episode in a rapidly changing world. i remain very optimistic. i believe that the progress of europe, which is a colossal historical undertaking, has temporarily hit a difficult patch that probably in itself results from its truly phenomenal success. who could have predicted the fall of the soviet union, and that the whole of communist central and eastern europe would join western europe very quickly? i think that in europe we are in a maturing phase. as far as we are concerned, europe has not come to a standstill. rather, it is very dynamic. we work with the twelve countries of the euro area, and the other eight countries whose currencies are directly pegged to the euro by means of the european exchange rate mechanism. in order to prepare well for the success of the european union and enlargement, 27 nations are working together in the european system of central banks, including romania and bulgaria as observers. we are proud that we have given europe a credible currency and a historically unparalleled financial environment with medium and long - term interest rates at levels that hundreds of millions of europeans could only have dreamed of prior to the euro. p. m. you still have six years left of your mandate as president with a very hectic life. don't you sometimes wish that you could go fishing in your beloved city of saint - malo? j. - c. t. along with my colleagues on the executive board, the governing council, the entire ecb staff and the eurosystem, i am very privileged to take part in such an immense historical endeavour that is of great benefit to europe. it is inspiring. this justifies all of the hard work that we do. that said, i love going to saint - malo. for me, the rance estuary is one of the most beautiful places on earth.