Economic Convergence and Divergence in Europe Growth and Regional Development in an Enlarged European Union
Growth and Regional Development in an Enlarged European Union
Edited by Gertrude Tumpel-Gugerell and Peter Mooslechner
Chapter 27: Speech of the Governor of the OeNB: 'The euro area - an anchor of stability in Europe and the world'
27. Speech of the Governor of the OeNB: ‘The euro area – an anchor of stability in Europe and the world’ Klaus Liebscher This volume centres on topics that are of long-term relevance for Eastern, Central and Western European countries, of relevance to the growing integration and historic reuniﬁcation of our continent, but certainly also of relevance outside Europe. It is a pleasure for the Oesterreichische Nationalbank to continue the long tradition of oﬀering our annual East–West Conferences as a platform and meeting place for debates on issues relevant to those countries – but not only to them – in order to help develop answers to the challenges ahead. Since the very inception of transition, the Oesterreichische Nationalbank has had the opportunity to be an active partner for central banks in transition countries. At the same time, the Oesterreichische Nationalbank has been actively participating in another historic project, the realization of European Economic and Monetary Union (EMU) and the introduction of the euro. The establishment of the euro as the single currency in 12 sovereign countries of the European Union was certainly not a purely economic move, but rather another major step in the process of European integration that began more than half a century ago. The strong rise of commodity prices, in particular of the oil price, in 1999 and 2000, recent economic turbulences in some emerging markets and the tragic events of 11 September have not compromised stability in the euro area. On the contrary, and I would...
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