Indeed, this process, which eventually led to the introduction of the euro banknotes and coins on 1 January of this year, required considerable resolve on the part of the German government. BIS Review 45/2002  1  In the run-up to the introduction of the euro, Germany proved to be a staunch supporter of a single currency enshrined in a stability-oriented culture.
The creation of the Accord  BIS Review 27/2002  1  Implementation Group by the Basel Committee, and the work being done by the Groupe de Contact in Europe reflect this understanding. It is important to keep in mind that the importance of cross-border convergence is not confined to the banking industry.