In addition to the elimination of exchange rate fluctuations among the former currencies of the euro area, price stability has been the main contribution of EMU to sustained long-run growth, employment creation and better standards of living. 3)  Fiscal Discipline  In order to ensure stability, the institutional framework of EMU extends beyond monetary policy.
The problem is we do not know when, how big and through which channel the shock will happen. Nevertheless, we should be grateful. Despite the uncertainties, our economy has shown stronger performance this year compared to last year. Solid collaboration and close coordination, based on common understanding, have become fundamental elements in achieving and maintaining the successful management of our economy.