Jacques Santer, former President of the European Commission and former Prime Minister of Luxembourg, spoke at a reception organized by the Luxembourg Stock Exchange as part of the 2009 convention of the Federation of European Securities Exchanges (FESE) on Wednesday 2 December 2009.
This reception was attended by around eighty guests drawn from political and financial circles.
Welcomed by Michel Maquil, President & CEO of the Exchange, Jacques Santer delivered a speech entitled “Experiences and reflections on the creation, evolution and the future of the euro”.
In his speech, Jacques Santer recalled the milestones during the creation of the single currency and reminded his audience that the decision taken on 2 May 1998 to introduce the euro, through the Economic and Monetary Union (EMU), was a very important political signal to Europe's citizens and the rest of the world. He said that the EMU was unprecedented in modern European economic history and transformed the global economic landscape.
He also recalled the creation of the European Central Bank. Mr Santer examined the main accomplishments of the EMU, notably the strong culture of macro-economic stability and budgetary discipline that has been created in the euro-zone. In his conclusion, Mr Santer reminded his audience that an EMU that functions well is a benefit to all of Europe and as a fundamental political project has played a key role in European integration.
The Luxembourg Stock Exchange is proud to have sponsored this event, particularly in light of the long-standing European and international nature of its business. It listed the first Eurobond in 1963 and today more that 40% international bonds in Europe are listed in Luxembourg.