jean - claude trichet : a unique perspective speech by mr jean - claude trichet, president of the european central bank, at the celebration of the publication of otmar issing ’ s book “ der euro ”, frankfurt am main, 15 april 2008. * * * meine sehr geehrten damen und herren, es ist mir eine große freude, heute anlasslich der veroffentlichung von professor otmar issings buch uber den euro zu ihnen zu sprechen. der zusammenschluss von jetzt 15 eumitgliedstaaten in der europaischen wirtschafts - und wahrungsunion, mit dem euro als der gemeinsamen wahrung fur rund 320 millionen europaische burgerinnen und burger, ist einer der großten erfolge der wahrungsgeschichte. otmar hatte als direktoriumsmitglied der ezb in den ersten acht jahren ihres bestehens und als direktoriumsmitglied der bundesbank in den acht jahren davor maßgeblichen anteil an der erfolgreichen einfuhrung und etablierung des euro. sein buch bietet damit eine einzigartige perspektive auf die erfolgsgeschichte unserer gemeinsamen europaischen wahrung. why has the creation of the euro been a success story? of paramount importance is the fact that, right from the beginning, the ecb was able to establish, and then maintain, a high level of credibility to effectively safeguard price stability in the euro area. during the transition to the euro, market interest rates on instruments denominated in euro became aligned all along the yield curve with the lowest – and not with the average – rates prevailing in the euro area prior to the euro. this demonstrated that the ecb had managed to inherit the high level of credibility that had been achieved by the most successful national central banks joining the monetary union, in particular the deutsche bundesbank. you know how proud i was myself to have run a monetary policy that had given my own national currency the same level of credibility as the dm before the euro. the ecb has fully maintained this achievement during the now more than nine years since the start

euro area labour markets. since the start of emu, 15. 7 million new jobs have been created in the euro area during the first nine years, in comparison to approximately five million in the nine preceding years. at the same time, the euro area unemployment rate has fallen to its lowest level since the early 1980s. however, these quite remarkable developments should not give rise to complacency. the euro area could and should do much better, particularly as regards the level of productivity growth. monetary policy can make an important contribution to economic performance by maintaining price stability, and thereby eliminating distortions arising from high and volatile inflation. yet, the development of growth and employment are ultimately determined by the structural features of an economy. more determined, well - designed structural reforms promoting flexibility in euro area product and labour markets are, therefore, crucial in order to fully reap the benefits and support the continued success of the euro. otmar issing has contributed to the euro ’ s success in many important ways. when he was a board member at the bundesbank he was one of the most fervent advocates of the absolute necessity of sustainable convergence as a precondition for emu, in order to ensure that the new currency would be at least as credible as the most credible currencies joining the monetary union. as a member of the executive board of the ecb, otmar played a crucial role in designing the ecb ’ s monetary policy strategy and in the successful conduct of the single monetary policy in the uncharted territory of the early years of emu. he has been the living symbol of the continuity between the most credible national currencies and the euro. his outstanding career as a central figure in european monetary policy in times that were decisive for emu makes otmar issing ’ s book on the euro indeed a remarkable book written from the unique perspective of a unique actor and a unique witness of this historical endeavour.