Doubts before the start of the monetary union: macroeconomic stability Before we joined the EMU, there was a lively and intensive debate about its pros and cons. Economic efficiency, benefits, such as less uncertainty over exchange rates, lower costs of currency exchange, more price comparability and greater competition, as well as more efficient money and other financial markets, were recognised.
But opinions were sharply divided as to the impact of the monetary union on economic stability. On one hand, some believed that the EMU and the single monetary policy could improve the credibility of monetary policy.