conference calls upon us to assess these first two decades of the euro as well as to reflect on its future : 1. which are the main challenges ahead? 2. how should emu evolve? 3. what should we aspire for the future role of euro at the global level? these are very important questions, which we must all reflect upon in order to contribute to further strengthening the european project, bearing in mind the profound and rapid changes, at all levels, that have been taking place in the world in the last few years. in the current globalised, competitive, digitalised and interlinked environment, there is an increased need for euro area countries to work together to exercise sovereignty and make their voices heard. we should always bear in mind that sharing sovereignty is not a synonym of loss of control or power. internal cohesion and “ teamwork ” will help protect member states from external pressures and spillover effects, and empower their policy choices. member states must therefore persist in working together in a committed way to continue the journey that started in 1999, so that european citizens can fully reap the benefits of their common currency. cooperation within emu will also support an increased role of europe and the euro in the world. i am sure that today ’ s discussion will be very fruitful and will bring new, good ideas to help equipping the euro area with the tools it needs to withstand headwinds and to prosper. quoting robert schuman : “ europe will not be made all at once, or according to a single plan. it will be built through concrete achievements which first create a de facto solidarity ". and it goes without saying that solidarity must go hand - in - hand with responsibility, which entails rules and mutual surveillance institutional mechanisms. before giving the floor to jean - claude trichet, i consider it both an honour and a duty to underline the important role he has played at several stages during the emu creation and consolidation process, notably in the pre - maastricht political negotiations and as president of the ecb. dear jean - claude, the floor is yours. thank you. 1 speech by mario draghi, president of the european central bank, at the session of the plenary of the european parliament to mark the anniversary of the euro in strasbourg, 15 january 2019. 2 for a survey of literature on oca theory see dellas, h. and tavlas, g. s. ( 2009 ), “ an opt

michael c bonello : the adaption of the euro welcome address by mr michael c bonello, governor of the central bank of malta,, during the concert held to mark malta's membership to the euro area on saturday, valletta, 12 january 2008. * * * you have joined us here today to mark a major milestone in our country ’ s economic history. during more than two millennia the maltese people have used many different currencies in circumstances most often reflective of malta ’ s status as a dependency of some larger and more powerful nation. the adoption of the euro, however, is a change of currency with a difference. this time it has taken place because malta, out of its own choice, has joined fourteen other sovereign member states of the eu in an economic and monetary union designed to complement the single market, a venture that could rightly be described as an epoch - making development in the history of our continent. for malta, as for the other new members of the euro area, the euro offers the prospect of enhancing the economy ’ s potential to grow faster. the elimination of exchange rate risk and currency conversion costs should result in increased trade, while the low interest rate and inflation environment of the euro area should make for reduced business costs and greater macroeconomic stability. combined with the fiscal discipline associated with monetary union, this should translate into higher credit ratings and improved investment prospects. the significance of having as our own the world ’ s second most important currency is not lost upon a central banker. for, beyond its proven economic benefits, the euro signifies the virtual elimination of the potential risk of an exchange rate crisis to which the currencies of small, open economies are exposed on a daily basis in a world characterized by the free movement of capital. we have now traded in this vulnerability for the greater security and credibility afforded by a major international currency. the euro has indeed been a success story in many respects. the disciplines of economic and monetary union ( emu ) were intended to promote the creation of a macroeconomic environment in which countries could thrive in an increasingly competitive market place. the euro area ’ s track record in terms of price stability, trade expansion and employment creation suggest that these expectations have been largely fulfilled. the central bank of malta is, therefore, proud to have become a member of the eurosystem. from an institution charged with the preservation of price stability in malta and with safeguarding the integrity of our national currency, the bank now shares responsibility with the other members of