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Philippe Maystadt

The creation of EMU will make history in the world. It will be a remarkable development in international relations, without precedent in the history of the IMF. It will be—allow me to quote the Managing Director—“the most important and the most promising monetary development in the post-Bretton Woods period.” The challenge today is to fully grasp the external implications of this development for both the international monetary system and the International Monetary Fund. This is a major task and I have no doubt that this conference will provide a good