PRESS RELEASE

1 July 1997 - Change of presidency of the European Monetary Institute

Dr. Willem Frederik Duisenberg, former Governor of De Nederlandsche Bank, took office as President of the European Monetary Institute (EMI) in Frankfurt am Main on Tuesday, 1 July 1997. Dr. Duisenberg was appointed by the European Council in Dublin on 13 December 1996. He succeeds Baron Alexandre Lamfalussy, who was President of the EMI from 1 January 1994 until 30 June 1997.