As we have often said, central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity in short-term funding markets. Question: How long could the present crisis last? What are the most severe scenarios? How to tackle it?
The requisite ability to achieve lasting domestic and external stability must be established and proven before entry in all the member states. That is what the entry criteria aim for. It would be a risk to hope that a country’s necessary ability to achieve stability will gradually come about after entry into monetary union.