IMF Conference

Thursday, January 10, 2002, 10:30 a.m. – 12:00 noon
IMF Auditorium (Enter via the IMF Center)
International Monetary Fund
720 19th Street N.W., Washington D.C.

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Transcript of the proceedings

The introduction of the euro on January 1, 2002 creates a large common currency area with a weight in the world economy rivaled only by the United States. With the changeover to notes and coins underway, the euro is being transformed from an abstract icon to the most tangible element of Economic and Monetary Union (EMU). This is a matter for celebration because of accomplishments already garnered under the EMU, not least of which is the successful pursuit of stability-oriented, yet suitably flexible, monetary and fiscal policies. At the same time, the euro's weakness and the cyclical downturn in Europe underscore the remaining challenges to be surmounted in further strengthening underlying fiscal positions in the larger countries, and achieving integrated, employment-generating, and smoothly functioning markets within the EMU. The advent of the physical euro needs therefore to prompt the resolve to deal with these more intractable aspects of monetary union. The following panelists will assess these prospects:

Michael Deppler (Moderator), Director, IMF European I Department

Gerard Baker, Financial Times

Moreno Bertoldi, Economic and Financial Counselor, European Union

Gerald Grisse, Permanent Representative, European Central Bank

C. Randall Henning, School of International Service, American University

For reference, please refer to the following documents:

The Euro - An Emblem of the Successes and Challenges of European Integration

Economic Forum Series are hosted by the IMF on a regular basis to promote informed public discussion on major issues confronting the organization and the international community more broadly.