This is the primary objective of the Eurosystem. In this respect, the value of the euro is based on domestic price stability and on the medium-term orientation of the Eurosystem’s monetary policy. Other factors will also play a role. One important aspect is the possible future enlargement of the euro area. Four EU countries have, for different reasons, not yet adopted the euro.
Without elaborating on that, let me simply state that I am confident that they may join in the coming years. If and when this happens, the economic and financial size of the euro area would be further enhanced, providing new impetus to the international role of the euro. A greater challenge is the potential accession of new countries to the European Union.