I firmly believe that the currency markets would have grown quite restless if it hadn’t been for the euro or the ECB. And the policy measures taken by the European central banks in response would have been far more difficult to implement than without the ECB as contact for consultations and coordination.
1 https://www.bis.org/review/r151009a.pdf 2 https://www.rbnz.govt.nz/research-and-publications/speeches/2019/speech2019-07-11#fn7;  https://www.rbnz.govt.nz/about-us/the-journey-of-te-putea-matua-our-tane-mahuta  3  In the jargon, ‘market failure’ is rife. We simply do not know the true scope and scale of the environmental risks we take on during our daily economic activities. Likewise, many of the material costs of our economic decisions are ‘externalised’, that is, borne by others including future generations.