European Central Bank (ECB) president Wim Duisenberg has welcomed moves towards an EU constitution, saying a stronger, more united, Europe is in turn good for the euro. Speaking at the International Frankfurt Banking Evening, Duisenberg said the ECB has followed the work of the Convention on the Future of Europe with great interest. He noted that the Convention's president, Valery Giscard d'Estaing, will present the draft of a new EU constitution to EU leaders at a summit in Greece this week.
"The ECB welcomes all efforts to further the construction of a united Europe," Duisenberg said. "A European Union with effective, functioning and transparent structures and processes, capable of meeting the expectations of its citizens, and equipped to assume international responsibility commensurate with its size and importance, would complement and further bolster the success of Economic and Monetary Union (EMU)," he said. "Throughout the five years of its existence, the ECB has stated that a strong euro is good for a strong Europe. I would now like to add that a strong Europe is good for a strong euro." ///www.fxcentre.com