Regarding the “stability architecture”, the legal fundaments of the Economic and Monetary Union have to be transposed appropriately into the Treaty establishing a Constitution for Europe, in order to ensure that the essence of the stability orientation of the Economic and Monetary Union will be preserved and the institutional position of the Eurosystem within the whole European Union will be better defined.
At least as important as the architecture is the way how the authorities live in the well-established house of the Economic and Monetary Union. This is what I would like to term the “stability culture”. It is certainly a significant task for monetary policy makers to thoroughly honour their obligations to conduct a stability-oriented balanced monetary policy for the whole euro area.