This is that there can be no interest in the monetary authority deliberately aiming to surprise the financial markets. It is sometimes suggested that central bankers occasionally set out to ‘trick’ the markets into expecting one policy outcome and then deliver a quite different one.
The euro became one of the most tangible achievements of European integration and a reflection of a common European identity. The financial and debt crises of the last decade constituted a severe stress test for the European Union. Europe passed the test – stumbling, maybe, but, as they say in eastern Finland in particular, stumbling can prevent a fall.