And indeed, the list of preconditions for monetary union met in recent years is impressive. Let me single out just a few of those points, without attempting to gloss over the challenges that lie ahead: ·  First and foremost, while inflation has come down to historically low levels we cannot be satisfied with the current inflation performance.
At this point it has to be stressed that price stability was not only a precondition of Monetary Union but – even more importantly – is the prime objective of the independent Eurosystem. Thus, the European Central Bank will ensure that medium-term inflation is in line with price stability.