Liebscher, Klaus --- "Speech of the Governor of the OeNB: 'The euro area - an anchor of stability in Europe and the world'" [2003] ELECD 33; in Tumpel-Gugerell, Gertrude; Mooslechner, Peter (eds), "Economic Convergence and Divergence in Europe" (Edward Elgar Publishing, 2003)

Book Title: Economic Convergence and Divergence in Europe

Editor(s): Tumpel-Gugerell, Gertrude; Mooslechner, Peter

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843762416

Section: Chapter 27

Section Title: Speech of the Governor of the OeNB: 'The euro area - an anchor of stability in Europe and the world'

Author(s): Liebscher, Klaus

Number of pages: 7

Extract:

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 inte-
gration 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
East­West 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 National-
bank 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 sove-
reign 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 ...