BIS Review 24/2008  3  way they viewed EMU, recognising that the new currency would display the best — not the average — characteristics of the currencies that it was designed to replace.
All along the yield curve, the future euro-area market interest rates became progressively aligned with the lowest market rates denominated in the most credible currencies, reflecting the stabilisation of inflation expectations in the euro area at the levels prevailing in those countries with the best monetary tradition available in Europe.