By introducing the euro, European economic policymakers have assumed the responsibility for exploiting the opportunities and for addressing the challenges this move represents for Austria or Luxembourg and for Europe as a whole. We must continue to observe the provisions of the Stability and Growth Pact, and we must demonstrate the ability to solve integration and structural policy problems to boost our international competitiveness.
On top of our watchlist is any possible dislodgement of inflation expectations should strong second round effects (transport fare adjustments and power rate hikes) appear because of possible price pressures emanating from any short-term volatility in international oil prices on the back of geopolitical tensions.   Risks to financial stability.