By now, the understanding of our strategy has greatly improved, and the recent evaluation and clarification of the strategy has certainly helped to this end. Although the internal value of the euro, that is, its purchasing power for the European citizens, has remained strong, the evolution of its external value has, at times, been the subject of debate.
After a protracted period of depreciation, especially against the US dollar, in 1999-2001, the exchange rate of the euro became the focus of attention in 2003 and early 2004, this time because of its rapid appreciation.