However, the range of questions and risks presented above shows that European monetary union, which does not go hand in hand with an adequate political union, is an unparalleled experiment. For it to succeed, it will require a high degree of political discipline on the part of all participants.
But I may add in my own defence – and in defence of the Board of Governors at the time: there was scarcely anyone who could predict the significance of the fixed exchange rate policy at that time. In principle it was actually quite simple. The politicians just had to keep their promises. And that is what they did. To everyone's surprise.