However, the European Central Bank and the euro could inherit the high level of credibility achieved by the most stable national currencies and the monetary policy framework of these national central banks. The new framework, together with the convergence of general economic policies that was implemented during the run-up to the introduction of the euro, generated an environment supporting enhanced macroeconomic stability.
As you know, the European Central Bank aims to maintain price stability by keeping inflation rates below, but close to, 2% over the medium term. Looking back at the period since the euro was launched, the inflation rate in the euro area was on average very close to 2%.