In my view, therefore inside the Euro area the gradual pace of adjustment of the monetary policy stance, of the overall provision of liquidity and of its allotment modes can continue. The Euro: sound track record in the first decade In a longer perspective the performance of the currency union is far more flattering.
Between 1999 and 2009 real per capita output in the Euro zone grew on average by 1.5% per year. This is a comparable order of magnitude to that in the US, despite higher overall growth rates in the US. Consumer prices developed in line with the ECB’s definition of price stability.