Skopje, 13 December 2001
Press release of the NBRM
The introduction of Euro as a sole currency of the Euro zone member-states from 01.01.2002 represents a historical event not only within the European Union, but for the rest of the world as well.
With the introduction of Euro as a sole currency, the European Union becomes much stronger union, and from the aspect of the economy, it becomes one state. With other words, as a pendant for the United States of America, from this side of the Ocean, United States of Europe, are arising.
In the aspect of the economy, the 21st century shall witness a large scope of competition among these two economic giants. The best barometer for the economic power of each of these rivals, would be the co-relation between their currencies - the Dollar and the Euro.
We shall witness forceful dominance battle among these two currencies through the stock exchange market reports received on a daily basis. I don’t expect other currency, a yen for example, could join that contest in the nearer future. Japan and other Far East countries will need more time to accomplish a level of coordination in the monetary and fiscal policy, in the income policy and in the engagement of the labor, in order to represent a tightly embodied economic group, as it is the European Union now.
When analyzing the importance of Euro, as a currency of 12 member-states of the European Union and its influence on the world economic trends, not only the Euro-zone countries, but, other countries as well should be taken into consideration. Namely, its influence can be felt in a larger group of countries from the African continent that are now part of the French Frank zone, and starting with the next year they will be a part of the Euro-zone. In addition, large part of the countries in transition, including our country, that have their currencies pegged with the Deutsche Mark, and in the future with the Euro, should also be taken into consideration.
I think that several European Union countries that are not members of the European monetary union shall not stay aside from it for a long time. Now, they will be as small islands on a sea, which will be flooded with Euro constantly. Those countries will face enormous Euroization. They can not hold out for a long time. The public opinion in their countries, which now object the Euro, at the end will turn to this currency. I expect this will happen in the Nordic countries first, while the Great Britain will be the last that will have to say farewell to the pound.
And what about the Republic of Macedonia regarding this issue? Our strategic aim is to become a full member state of the European Union. According to that, the plan is traced. It is a long one, with lots of serpentines. All of us should empower a lot of engagements in order to pass it faster.
I consider that this path will take us fifteen years to pass. At first glance, it is a long time period, but historically observed, it is just a flash.
I would be happiest if we could hurry up and reach the final goal faster, because there I find the salvation for Macedonia and the Macedonians. If not, we shall face a Hazar's destiny.
Ljube Trpeski, the Governor of NBRM