Stockholm, 7 April 2003 1

Stockholm, 7 April 2003 2

The euro: making progress

Sirkka HämäläinenMember of the Executive Board of the

European Central Bank

Stockholm, 7 April 2003 3

Chart 1

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

Jan

1991

Jul 1

991

Jan

1992

Jul 1

992

Jan

1993

Jul 1

993

Jan

1994

Jul 1

994

Jan

1995

Jul 1

995

Jan

1996

Jul 1

996

Jan

1997

Jul 1

997

Jan

1998

Jul 1

998

Jan

1999

Jul 1

999

Jan

2000

Jul 2

000

Jan

2001

Jul 2

001

Jan

2002

Jul 2

002

Jan

2003

DEM/ESPDEM/FIMDEM/FRFDEM/GRDIEP/DEMDEM/ITLDEM/SEK

Introduction of the euro

Greece adoptsthe euro

Intra-euro area and Swedish krona exchange rates(4 January 1999 = 1*)

*) For DEM/GRD: 2 January 2001 = 1

Stockholm, 7 April 2003 4

3-month money market rates in selected legacy currencies, the euro andSwedish krona

Chart 2

0

2

4

6

8

10

12

14

16

18

20

Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03

Pibor (FRF)Mibor (ESP)Libor-DEMEuriborHelibor (FIM)Stibor (SEK)

Stockholm, 7 April 2003 5

10-year government bond yields for selected European countries

Chart 3

3

5

7

9

11

13

15

Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03

10-year Germany10-year France10-year Italy10-year Spain10-year Finland10-year Sweden

Stockholm, 7 April 2003 6

Developments in the HICP in the euro area and in Sweden(annual percentage changes, monthly data)

Chart 4

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Jan-

91

Jan-

92

Jan-

93

Jan-

94

Jan-

95

Jan-

96

Jan-

97

Jan-

98

Jan-

99

Jan-

00

Jan-

01

Jan-

02

Jan-

03

year

-on-

year

%ch

ange

maximumeuro area

euro area

minimumeuro area

Sweden

Source: Eurostat. Euro area f igures include Greece as of 2001

Stockholm, 7 April 2003 7

General Government Budget Balance

Chart 5

-15

-10

-5

0

5

10

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

PER

CEN

T O

F G

DP

Bestposition of aeuro areacountryEuro area

Worstposition of aeuro areacountrySweden

Source: 2002 EC Autumn Forecasts; Ameco Database. Data exclude proceeds from UMT S.