I would like to use this opportunity to highlight some of our key achievements as well as their significance for all of us. Inflation has been low, stable and predictable for four years in a row. From nearly 13% in autumn 2012, inflation was brought down to 2.2% in less than one year. After that, we have kept it at a low level.
Indeed, participation in a system of fixed exchange rates can be seen as a crucial test for living under conditions which are close to those that exist under the single currency. 2  BIS Review 13/2006  The enlargement of the euro area is a process which follows clearly defined procedures and rules.