The level of price stability has been greater than during the 50 years prior to the euro. SZ: You are forgetting the excessive debt, for example in Greece, Portugal and Ireland. In endless new rescue packages, governments are pumping billions and billions of euro into a clearly ailing system. That is making the public nervous.
Similarly, households cannot rely on VCs as a stable store of value to optimise their spending over time by saving. VCs have neither intrinsic value, such as the commodity content of gold coins, nor extrinsic value, such as the value assigned to traditional fiat currencies by the trusted public issuing authority.