Cross-border trade, investment and financial transactions are fostered and, in particular, small and medium-sized companies are encouraged to enter the euro area-wide markets. These developments increase competition, improve resource allocation and the investment climate and thus contribute to higher long-term potential growth in the euro area.
This - if I may say so - internal "exchange rate" stability aspect has often been overshadowed by the disproportionate interest in US dollar/euro exchange rate. The dollar/euro exchange rate movements have, in fact, been fully in line with the dollar's historical fluctuations vis-à-vis the European currencies prior to the introduction of the euro.