On the euro changeover Mr Townend says "this changeover of course began three years ago with the launch of the euro, legally and in the wholesale markets. From that moment, the exchange rates of the component currencies were locked, and this was therefore by far the most economically significant event. Nevertheless, the completion of the changeover marked the euro's transition from a virtual to a complete currency. In the Bank of England, we have been monitoring closely the entire changeover process. We predicted that it would be completed successfully. And I am delighted to report that it has been".