Minister-President Stoiber,
Excellencies,
Ladies and Gentlemen,

I should like, on behalf of the Herbert Quandt Foundation, to welcome you most cordially to the first Munich Economic Summit in the Bavarian capital.

Both organisers, the Herbert Quandt Foundation and CESifo, purposely chose Munich as the permanent venue for this economic summit. Munich is the leading economic region of Germany for multinational companies, as well as for small and medium-sized businesses that are geared to international competition.

Moreover, in recent years, the Munich region has gained an international reputation as the home of trend-setting research and high technology.

That is why it has rightly acquired the name of "Isar Valley". It is thus high time to underline its unique economic significance in an increasingly cohesive Europe with a conference with outstanding participants. We also hope, with the concentration of expertise gathered here, to provide fresh impetus.

Today's conference forms the prelude to a series of events planned in Munich each year. Basically, it already unites all the important conceptual characteristics:

· The conference is geared to Europe's future form, as announced in the title: "Europe after Enlargement";


· The contents focus on economic issues. This can be seen both from the themes of the four panels and the choice of participants (more than 50% of them are leading European business representatives, while the fields of politics and academia account for a share of 20% each, and the media for 10%);

· The European Union is no longer understood in its old borders as the EU of the 15 member states but - looking to the future - as the EU of probably 25 nations. More than 100 participants from 19 countries are present, not only from Europe, but also from the United States of America and from Asia, underlining the importance of a view of Europe from outside.
· And, last but not least, the composition of the individual panels emphasises our efforts to intensify the frequently ailing dialogue between leading academics and experts on the one hand and decision-makers from the realms of politics and industry on the other.

All this should serve to establish an exclusive economic conference of high quality in Munich.

The first Munich Economic Summit is scheduled in 2002, a year that in many ways will shape the future of the European Union.

Since the beginning of the year, the "Convention on the Future of the European Union" has been working on drafts for its reform with the aim of creating more democracy in Brussels and making the EU fit for enlargement. Then, in the middle of next year, the draft of a European constitution should be completed.

The year 2002 also marks the beginning of the decisive phase of negotiations for admission to the EU. These will be completed by the Union's expansion eastwards, currently expected in 2004.

Nor should we forget that the Prague Summit on Nato Enlargement is on the international agenda in the second half of 2002. Enlargement will permit closer cooperation in the field of security policy with the countries of Central and Eastern Europe.
Finally, I should like to mention election year 2002 with many important elections throughout Europe. The forthcoming parliamentary elections in Germany and France are of special interest. When they are over, the "engine" of the European Union is expected to run at higher speed again.

All these events in 2002 will, one way or other, influence today's and tomorrow's discussions on "Europe after Enlargement". I hope that we shall all benefit from the Munich Economic Summit 2002, which I have the pleasure of opening with Professor Sinn, President of CESifo.

Permit me one final remark: Unfortunately, the Senior Minister of Singapore, Lee Kuan Yew, had to decline his participation in today's Summit due to a severe bout of influenza. He conveys his best wishes for a successful conference sending us his speech manuscript: Copies will be available at the hospitality desk outside the conference hall.

Professor Sinn, you now have the floor!