On October 23, 1997, the Deputy Head of the European Commission Delegation, Minister John Burke Richardson and his wife, German radio journalist, Irmtraud Richardson, were the guest of honor at an Executive Lecture Forum Gala dinner held at the Capital Club in Jackson, Mississippi. In his address following the dinner the Minister offered a unique insight of the working of the European Union (EU). He spoke also about the challenges and opportunities the EU faces in its Transatlantic Relationships. In his exceptionally clear deliberation, he outlined how the EU member states are building the structure for a unified European economy and monetary union. The member states are working toward converging their economies by reducing inflation, setting similar long-term interest rates and reducing budget deficit. Legislation is also in place to create a single currency. Minister Richardson emphasized that the EU and the US are developing a joint action plan to promote security and prosperity worldwide, with respect particularly for democracy and human rights. The EU, emphasized the Minister, remains the most important trading partner for the US and among the closest partners in political, security, and global affairs.