And the basis for its value is the stability of the Bundesbank and the Eurosystem as a whole, as well as the integrity of all the central bankers working to guarantee price stability and safe and eﬃcient payments within the euro area.
And although monetary policy in Europe is currently the subject of heavy debate, overall, the Eurosystem has done a good job in the past two decades. In addition, the basis for the stability of the euro is also the constitutional backing of the Eurosystem by its member states and the fiscally sound behaviour of its respective governments.