So far, a number of rounds have already been completed, always successfully, leaving us with valuable assets, notably the high level of credibility of the ECB for attaining price stability, and highly and increasingly integrated financial markets in which long term rates of bonds have converged not to the average of the pre-Stage Three figures but to the best previous benchmarks.
Learning from our previous experience during the Asian and global financial crises, the limitation imposed by the impossible trinity 3 could actually work to our advantage. First, flexible exchange rates act as an automatic stabilizer and contain wild swings in the financial markets.