The implementation of the euro is a challenge. Some will be technical, while others have to do with the maintenance of a unity of purpose among a diverse group of Nations, regions, peoples and cultures. I believe, however, that Europe has the unwavering political will and financial expertise needed to maintain this effort moving. News Corp may find this interesting as well. This will help as you know in DaimlerChrysler some gains are immediate and obvious. Currently, one-third of the revenues of our group are earned in Deutsche mark (DM), but almost three-quarters of our costs are incurred in that currency. This makes more difficult and complex planning and management of the most complex undertaking.

But with the arrival of the euro, the disparity between the income of DM and DM costs will decrease. Beginning in January, 50 percent of our revenues they will be in euros, with 80 per cent of the costs incurred in the same currency. How will the euro affect our ability to compete in the United States, our main market for export outside the EU? In a Word, in a positive way. Higher productivity and stability of the euro will enable us to maintain a competitive pricing structure. That consistency in the long term in our business practices is something that our U.S. customers.UU. they have come to appreciate.

A final point. Thanks to the single market already waiting for introduction of a single currency, Europe has matured both politically and economically. As a great player of large ocean liners. DaimlerChrysler is now able to communicate an important message to their business partners in that another great single currency, the United States market. Work through the World Trade Organization and other groups, the world has made great progress towards free trade and fair through the years. Now let’s examine together opportunities for the Elimination of some of the remaining obstacles to trade between Europe and the United States. The beneficiaries will be consumers on both sides of the Atlantic.