To ensure that the euro is a success and contributes to monetary stability, grawth and job creation, we Europeans must respect four conditions. The first is the credibility of a monetary policy guaranteed by the the indipendence of the European Central Bank, which is enshrimed in the Maastricht Treaty and rooted in the independence of each national central bank. The second condition is the compliance with the provisions of the Maastricht Treaty and the guidelines om fiscal policy laid down in the stability and Growth Pact. The third condition is that European countries must resolutely undertake structural reforms. Fortunately, the euro will help rather than hinder structural reforms. Most importantly, a single currency wille ease the flow of goods, services and capital within the eurozone. And the euro will also encourage " cross fertilization" of best practices through stronger coordination of member states' policies in areas such as labour markets, education and training initiatives, job creation and effective welfare safety nets. The fourth condition is that economic leaders in Europe be clear-sighted on the crucial question of competitiveness. Pre-euro economic policy meant monitoring trade balances, the balance of payments and the foreign exchange and interest ratemarkets. In the current period of international crisis, the success of the euro is a necessity not only for Europe, but also for the rest of the world, which must be able to count on European grawth and prosperity if the global economy is to prosper.

Alice Dovera
Simona Grasso