During the time of this conference it was widely agreed that the idea of a European Monetary Union with a new single European currency would be a beneficial development.  At this conference, Japanese officials, in particular, praised the great significance that the creation of the euro would have for leading to deeper cooperation among the three future prominent regions of the international monetary system. The conference also highlighted the impact of euro on international trade and Japanese yen. Both of which would influence the monetary policy of Japan to pursue the internationalization of Yen. From the European perspective the convergence criteria was still being fulfilled by the member countries. The legal framework for Euro was to be established by 1998. There was a profound sense of commitment shown by the European governments which made the European Monetary Union a secure choice.