Whether Austria before 1999 or Latvia today, many Member States pursued a fixed exchange rate policy or currency board vis-à-vis a bigger neighbour – Germany in the past, the euro area today. This meant that they were effectively importing a monetary policy over which they had no say. Now, as members of the euro area, they have a say.
Two take always from my remarks. First and foremost, macroeconomic stability is always a prerequisite for a conducive investment climate in which stock exchanges find their niche. Second, stock exchanges grow at the back of accelerated and sustained economic growth.