The success of Dutch monetary policy became very obvious during the upheaval in the European Monetary System in July 1993, when it was decided to widen the fluctuation bands of the Exchange Rate Mechanism. Only the tight link between the Dutch guilder and the Deutsche Mark, sealed with an exchange of letters between the Deutsche Bundesbank and De Nederlandsche Bank, survived this storm.
Apparently, the credibility of Dutch monetary policy was restored again. In parallel to these developments, a vision even more daring than the close link between the Dutch and German currencies was gaining the attention and support of European leaders: the introduction of a single currency in Europe. One of its fathers, the former Prime Minister of Luxembourg Pierre Werner, only very recently passed away.