With the decision to join Economic and Monetary Union came the Maastricht nominal convergence criteria, which provided a stable and solid foundation for economic growth in the second half of the 1990s. The criteria provided a good nominal anchor for both inflation and inflation expectations. Together with a lower interest rate environment, these were a significant element in our successful convergence.
Supervision of the financial sector Before moving on from monetary issues, I would like to say a few words on the supervision of the financial sector. The Central Bank was a relatively early mover in adopting a more formal process of supervision of the financial sector - in the early 1970s. Initially, the main concern was with the banking sector.