All these factors are, in the long run, conducive to growth and employment. The stabilizing impact of EMU was to be felt well ahead of its inception. Just think of the virtual absence of negative spill-over effects from the international emerging market crises on EU financial and exchange markets.
Contrary to the early 1990s, the EU is now generally recognized as a safe-haven of stability, steadiness and economic reliability. The strong convergence, observed in the run-up to EMU, of short and long-term interest rates to the levels of the most stable EU currencies has contributed to monetary conditions favorable for growth and employment.