As will be seen, the Eurosystem has reacted swiftly, timely and in a manner well adapted to the specific needs of the euro area economy. Various financial market indicators show that ECB policy effectively eased the strains in money and capital markets and contributed to restoring the proper functioning of the financial system.
While the policy of the Eurosystem can thus already be considered a success, the true value of having a single central bank and a common currency really becomes apparent when the counterfactual scenario of a European Union without common currency is considered.