Stage Two of Economic and Monetary Union

An old saying goes: one swallow does not make a summer. This saying could very weIl be used to refer to the current situation in the European Community. The fact that by January 1994 all currencies participating in the European Exchange Rate Mechanism (ERM) had retumed to their former fluctuation margins, does not mean that we can now lean backwards and wait for better times to come. In order to restore full confidence in the quest for European Union, of which monetary integration is an important part, a lot more needs to be done. In today’s address I will touch