The plenary session starts with a celebration of the 20th anniversary of the Euro. Opening statement by Christine LAGARDE, ECB President. This transcription is a result of an authomatic process. Please check against delivery.

statement

Strasbourg

debate

plenary session

Eurozone (T)

LAGARDE, Christine (FR)

single currency (T)

20th anniversary of the euro: opening statement by Christine LAGARDE, ECB President

SOUNDBITE (English), Christine LAGARDE, President of the European Central Bank, Madam President of the European Parliament, Commissioner for the Economy, Mr Gentiloni, honourable members of the European Parliament. It's a great pleasure for me to be here before you in Strasbourg celebrating the 20th anniversary of the Euro. And it's also a great pleasure to see that at the time the launching of the Euro, we had a woman at the head of this institution. And, for those perhaps who haven't been able to recall everything that took place in the interim period, they might get the impression that the Parliament has always been presided by a woman.

SOUNDBITE (English), Christine LAGARDE, President of the European Central Bank, Banknotes, coins in 2002 were a milestone for European history. As it puts us, Nicole Fontaine said, a tangible sign of European integration in the pocket and in the wallets of all Europeans. Twelve countries only to begin with and seven more to join later on. Sharing a currency is more than just simply using the same measure, the same means of payment. It is part of a common endeavour. And this feeling of shared identity is actually recognised by our fellow citizens. When you ask them, when you ask the European citizens, what the European Union means to them, what comes second is actually the euro amongst the list of things that they most often think of in terms of the European.

SOUNDBITE (English), Christine LAGARDE, President of the European Central Bank, The the euro simplified lives of many Europeans: those who study, those who travel, those who conduct business. It has improved the efficiency of conducting business throughout an enlarged economic zone. And I'm going to mention to you two numbers. From 1990 to 2002, trade between the soon to be 19 countries of the euro area increased by less than five percent. Five percent more trade. If you look at the period since the euro has been introduced, trade between those same nations did not increase by five percent, but by 200 percent.

SOUNDBITE (English), Christine LAGARDE, President of the European Central Bank, Now, of course, not all of it is attributable to the euro, but the fact that exchange rate was no longer an issue that was to be discussed, put into contractual terms between parties, certainly had a role to play. Second element that I want to bring to your attention as well, as you all know, the euro is the second international currency in the world, after the dollar. What maybe not all of us know so well is that in 2021, about half of total green bond issuance around the world was denominated in euro, not necessarily issued from the euro area or Europe, but around the world.

SOUNDBITE (English), Christine LAGARDE, President of the European Central Bank, So as you mentioned, Madam President, last year we launched the digital euro project. We will investigate how a digital euro could offer a convenient cost-free means of payment, allowing people to pay anywhere in the euro area with risk free digital money. For example, when making payment online, which preclude the use of cash.

SOUNDBITE (English), Christine LAGARDE, President of the European Central Bank, I just would like to add that, of course, this digital euro will not replace cash, but it will complement cash. And that is one of the reasons why we launched the process of redesigning our banknotes. The redesign is part of a long term development process to ensure that the next generation of euro banknotes will continue to be secure, accepted and an efficient means of payment. We will keep the Parliament informed throughout the process and we will seek input from citizens through your intermediary on the theme and design of the new banknotes before making our final decision in 2024.

SOUNDBITE (English), Christine LAGARDE, President of the European Central Bank, Thereafter, the roll out of the new banknotes will be planned. The redesign of our banknotes is a unique opportunity to make them more relatable to Europeans of all ages and backgrounds, thereby offering a new symbol of European integration. For more than 20 years, Euro bank notes and coins have circulated smoothly. They are a tangible testament to the euro's success. The cash in our pockets reminds us that despite our diversity, we share a common endeavour that goes way beyond our borders. Thank you.