3  BIS Review 125/1999  While central bankers and politicians can make a weighty contribution to the proper functioning of EMU, our common currency will only become a long-term success if it is accepted by European citizens. For this to happen, the Eurosystem will have to acquire a track record of stability which clearly demonstrates to the public the benefits of stable prices.
As a new generation grows up without the experiences of the detrimental effects of inflation on growth, employment, savings and investment the Eurosystem will have to communicate effectively the significance of maintaining price stability and explain how monetary policy operates towards achieving this goal. A currency is a powerful symbol of identity.