First, it must be borne in mind that the euro as an issue currency has benefited from low interest rates. Together with a generally falling euro exchange rate, the low interest rates for the euro, have served to attract issuers from all over the world. A look at the past may prove helpful in providing a second explanation.
But the same line of causation could be less reassuring from another angle. The same studies that have found an important role for policies in the Great Moderation of the last two decades cannot certainly rule out that “good luck” might have exerted a reinforcing influence. More moderate exogenous shocks might have contributed – more or less accidentally – to smoothing economic fluctuations.