The mechanisms in place – particularly, the Stability and Growth Pact and the single monetary policy – were unable to prevent the build-up of major imbalances across the euro area countries.
In the now more than nine years since the start of EMU, the ECB has managed to fully preserve this achievement by living up to its mandate. Indeed, by taking firm and timely actions whenever needed the Governing Council of the ECB has proved its ability and commitment to credibly deliver upon its mandate to maintain price stability.