2  My colleague, Ben Bernanke, has pointed to the global pattern of saving and investment as another reason for low longterm interest rates. See "The Global Saving Glut and the U.S. Current Account Deficit," remarks by Governor Ben S. Bernanke at the Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia (March 10, 2005).
These are indeed results that could never have been achieved without the euro. The positive results for nominal convergence and stability have also been shared by other EU Member States, and, supported by the convergence criteria, are indeed serving as strong incentives for Member States aiming to join the euro area.