For example, the euro area has  6  BIS Review 89/2008  successfully weathered several shocks, including the bursting of the dotcom bubble, the ripple effects of the terrorist attacks of September 11, the surge in global commodity prices – particularly energy prices – and the persistence of sizeable global imbalances.
Washington: Board of Governors of the Federal Reserve System, January. Kroszner, Randall S. (2006). “The Conquest of Worldwide Inflation: Currency Competition and Its Implications for Interest Rates and the Yield Curve,” speech delivered at the Cato Institute Monetary Policy Conference, Nov. 16, www.federalreserve.gov/boarddocs/speeches/2006/default.htm. Roberts, John M. (2006). “Monetary Policy and Inflation Dynamics,” International Journal of Central Banking, vol. 2 (September), pp. 193-230.