Introduction of the common currency and common monetary policy had been preceded by four years of very intensive legal, regulatory and logistical preparations. It was necessary that the infrastructure for the common monetary policy was fully operational from the first day. These preparations had remained largely unnoticed by the public at large.
The creation of Economic and Monetary Union was also preceded by a great number of sceptical remarks from many commentators, including academic economists. Many experts in international macroeconomics doubted that a single monetary policy could suit countries whose economies diverged in many respects.