In the eleven and a half years after the creation of the single currency the Harmonized Index of Consumer Prices (HICP) has risen on average by exactly 1.97% per year. The performance  BIS Review 125/2010  1  of the ECB in delivering price stability has beaten that of the former benchmark currencies, the Deutsche Mark and the Dutch Guilder.
High cost of fighting the crisis Still, there is no scope for complacency. In recent months, Europe has demonstrated unwavering commitment to the unity and integrity of the single currency area. However, the fight against the financial crisis and the deep recession has not only been successful, but also very costly.