to further trade and financial integration, to intra - industrial specialisation or to fiscal consolidation - is of paramount importance, especially to policy - makers. 2. economic and monetary integration the second session tomorrow morning is devoted to international linkages and the macroeconomic performance of the new member states, by looking at the interrelation between the processes of integration into the eu - 25 and into the global economy. this may seem as a rather specific angle from which to analyse the enlargement process. but it is one that i find particularly important, not least since it counteracts the assertion on the part of some international observers that the eu is “ obsessed with its own internal dynamics ”. over the past two decades, the world economy has become increasingly integrated. the new eu member countries are particularly striking examples of this process. those of them which were part of the former soviet economic sphere used to form a largely isolated trade bloc, with few interactions with the world economy. today, these countries export and import more than two - thirds of their goods and services to and from the rest of the world. they also attract significant amounts of foreign investment. openness and international integration can lead to a dramatic improvement in economic performance through the introduction of new technologies and access to larger markets. the paper by douglas laxton and his co - authors provides interesting insights and helps to estimate some of the dynamics that are at work. at the same time, international integration places significant demands on a country ’ s economic, political and social institutions. in this context, three principal subjects would deserve, in my view, particular attention : trade, capital flows and labour mobility. i would expect that the conceptual approaches in understanding the phenomena that we are observing, as well as the concrete policy challenges related to these subjects will take centre - stage in the discussions tomorrow. 3. macroeconomic adjustment, convergence and the role of policy the third session tomorrow morning as well as the policy panel in the afternoon will address the questions which are probably closest to home for central bankers : what is the role of national policies, both at the micro and macro levels, in the process of economic adjustment? what are the key policy challenges for the new member states on the road to euro adoption? and, looking ahead, what is required to ensure a successful participation in monetary union of any future new entrants into the euro area? the paper by jurgen von hagen provides a comprehensive treatment of the issues at stake and will serve as a good basis for discussion.

jean - claude trichet : euro star event to raise public awareness and facilitate changeover to the euro in estonia speech by mr jean - claude trichet, president of the european central bank, at the euro star event at the bank of estonia, tallinn, 19 september 2010. * * * dear governor lipstok, ladies and gentlemen, the introduction of the euro is a historic moment for any eu member state, and the euro itself is also a historic achievement for europe. indeed, the euro is one of the most tangible signs of the cohesion and mutual trust, among europe ’ s citizens. since its introduction back in 1999, the depth of feeling generated by the euro has been remarkable. a lot of the attention gained by the euro has been directed not only at the currency itself, but rather at the underlying strategic vision, of which it has become the symbol. the forthcoming enlargement of the euro area to include estonia demonstrates that the euro area is not a “ closed shop ”. its doors are open to the eu member state that fulfils the necessary preconditions in a sustainable manner. 1 january 2011 will become a landmark in the history of estonia, reflecting the long and challenging process of economic and monetary integration that has enabled estonia to join the euro area. the euro banknotes and coins are now an important and natural part of our daily lives. and this will soon be the case for the people of estonia. in preparing for the changeover, we have enjoyed excellent cooperation with eesti pank and the estonian government, working very closely also with the european commission. and this, i am sure, will make the introduction of the euro in estonia a success. today, eesti pank and the european central bank are launching the euro campaign estonia 2011, an extensive media campaign to help the people of estonia to become acquainted with the euro banknotes and coins, the security features of the banknotes and the changeover modalities. the campaign comprises tv advertisements, print publications, public relations activities, interactive applications for the internet and special support for the media. in total, we have four tv spots that will be aired from november 2010 to mid - january 2011, and these form the backbone of our communications activities for the general public. the first tv spot sets the mood of the campaign and familiarises viewers with the appearance of the euro banknotes and shows the gates and bridges featured on the banknotes. the gates symbolise the spirit of openness and cooperation in europe.