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Ladies and gentlemen, The single European monetary policy has been a reality for a little more than five weeks. After years of intensive preparatory work and successful economic convergence, monetary policy is now jointly determined for a large part of Europe by the Governing Council of the European Central Bank. The monetary policy is implemented by the Eurosystem, name given to the ECB and the 11 central banks of the EU Member States participating in Monetary Union.

There is good reason for this confidence, ladies and gentlemen. Overall the first few weeks went smoothly for the single currency and the monetary policy of the Eurosystem. The start did not pass by entirely without a hitch - which was not to be expected in any case, given the significance and scale of this project - but there were no major complications.