by Ferdinando Riccardi

Now that the euro is coming and some EU citizens are bound to be somewhat confused at first when they find it in their pockets instead of the national currencies they are familiar with, it is important to listen to the people who have been directly involved in this big project. Valéry Giscard d'Estaing and Helmut Schmidt spoke in Lausanne two weeks ago, at the ceremony to present their awards (see editorial of 15 November). Jacques Delors seized the opportunity provided by the publishing of research by his "Notre Europe" association to write a short foreword that is so dense and crystal clear that I believe it is essential to present it to our readers.

This brief and brilliant document confirms that a) the euro has already freed the EU from its recurrent monetary crises that used to shake the common market with such painful results (damaged pride, mutual suspicion among Member States, problems with the free circulation of goods, etc); b) the so-called weakness of the euro against the dollar should not concern a Union most of whose trade is carried out internally; c) the imbalance between the federal management of the single currency and shortcomings in the economic management of EMU continue; d) to correct this imbalance, Jacques Delors does not recommend a genuine "European economic government" but an "effective coordination, which respects all the personalities involved and allows a concerted response to common challenges"; e) saying he is "wholeheartedly in agreement" with Lluis Navarro's ideas, Jacques Delors supports both the realistic short-term measures "but not fundamental upheaval, which is not what we need" and the demand for the "organisation of EMU to take a predominant role in the debate on the future of Europe".

The analysis and suggestions expounded by Lluis Navarro (one of the "little team of six researchers from different countries" who form "Notre Europe") will be summarised in our next newsletter. (F.R.)