This ceremony is meant to pay tribute to Mr. Willem Duisenberg, President of the European Central Bank, and the institution he presides over, on the important contribution they have given to the creation of the Economic and Monetary Union, an achievement of historic proportions for Europe and of the utmost importance to each and every country of the euro zone.

Before 1997, when he took over the presidency of the European Central Bank, Mr Duisenberg had a much diversified and rich professional career. Following five years as a University lecturer and a thesis on "The Economic Consequences of Disarmament", and yet another five with the International Monetary Fund, Mr. Duisenberg worked as a Consultant for the Dutch Central Bank, as a lecturer at Amsterdam University, as Finance Minister, Member of the Dutch Parliament, and Director of a commercial bank, before becoming President of the Dutch Central Bank.

It was while President of the Dutch Central Bank, a position he held with excellent results for more than 10 years, and that brought him the reputation of a champion of monetary stability, that Mr. Duisenberg was entrusted with the highest responsibilities on the European level, first as President of the European Monetary Institute and, subsequently, as President of the European Central Bank.

It can be said, without exaggeration, that Mr Duisenberg monitored, both as a witness and as a very active participant, the whole process of European monetary integration almost from its outset with the Werner Report in 1969, – the year in which he joined the Dutch Central Bank as a consultant -, up to the introduction of the euro notes and coins, in early 2002, an operation which was launched under his supervision as President of the European Central Bank.

By awarding to Mr. Willem Duisenberg the Grand Cross of the Order of Henry the Navigator, the Portuguese Republic acknowledges the man that, as President of the European Monetary Institute and the European Central Bank, has given a significant contribution to the creation and implementation of the Euro, our currency, and to whom we have called upon to define and conduct the European monetary policy.

This policy, together with the Euro, are the clear manifestation of our will to share a common future with the other European peoples.

On behalf of the Portuguese Republic, as a symbol of our recognition and gratitude towards his most valuable work, it is with great pleasure that I will now bestow on Mr. Willem Duisenberg the insignia of the Grand Cross of the Order of Henry the Navigator.