It is part of an overarching process of advancing the integration of the people in Europe that began after the Second World War. It received a new impetus with the fall of the iron curtain. Europe has seized the opportunity to unite people of sovereign nations in a union of prosperity, stability and values.
Earlier expectations of a gradual normalization of monetary policy have 2/4  BIS central bankers' speeches  recently been replaced by expectations of further policy easing, including rate cuts. Long-term interest rates have declined significantly. The global slowdown has also been felt in the euro area.