The North's First Minister, Mr David Trimble, has pledged to salvage the "ship of peace" but said "real peace" in Northern Ireland would not be achieved without arms decommissioning.
In an impassioned speech in front of President Clinton and an 8,000-strong audience at Belfast's new Odyssey Arena, Mr Trimble said there was no room for a "moral vacuum" in the peace process.
"There cannot be a moral vacuum at the heart of the peace process. There must be real peace. Our uniquely inclusive arrangements contain no ambiguity on these principles.
"Justification lies in there being a transition from a violent past to a peaceful, democratic future. That is why I stand firm on the need for decommissioning.
"But I do not intend to let the ship of peace sink on the rocks of old habits and hard grudges. We are learning to define ourselves by what we are for, not what we are against. I am working - we are working - for a united society in Northern Ireland. Again and again we repeat to those who use violence: `You are the past, your day is over'," the First Minister added.
While there were still some that were not yet fully participating, Northern Ireland had come a long way on the road to peace, Mr Trimble insisted.
"Since your last visit, we have made much progress. At Stormont, we have prepared our Programme for Government. For the first time in our history, public policy has been set down by Ulster men and women from across the religious divide, from our political traditions and from all the major parties, Ulster Unionist, SDLP, Democratic Unionist and Sinn Fein."
There had been many hurdles on the way to peace with more to overcome, Mr Trimble admitted, but his faith in the Belfast Agreement remained strong.
"History dealt Northern Ireland a difficult hand of cards. We inherited a conflict. None the less, nearly three years ago, the people of Northern Ireland voted for a fair but complex settlement.
"Making the agreement work has been tough. Because it accurately reflects the complex and sometimes divergent interests of our society, there will inevitably be moments of stress and disagreement. But the agreement protects everyone's interests. I am confident that support for the vision we set out in 1998 remains strong," he said.
The North's Deputy First Minister, Mr Seamus Mallon, insisted that Northern Ireland could not continue to "limp along in a period of uncertainty, blame and broken promises". While he was confident that peace would prevail, there were again "dark clouds on the horizon", Mr Mallon added.
"We are not there yet. All this potential could be at risk. Corrosive violence and the threat of violence persists. Just last week the coffins of two young men killed by terrorists made their sad journey through the streets of Belfast and Dungiven joining the 3,000 lost lives that stretch back to the outbreak of the Troubles.
"That is a chapter of our history which we must close, definitively, once and for all. Now," he said to loud cheers.
Mr Clinton's visit had brought new hope to finding a solution to the current deadlock, the Deputy First Minister added.
"Hope is more than the name of your birthplace. Hope does not have to be measured out. It is an infinite resource that we can all share in. You inspire us to believe that lasting peace is attainable - and that we will reach our goal," Mr Mallon concluded.