At this point, I would like to recall Slovakia’s successful preparations for the euro. While the euro was, and still is, a political project – both in the EU and in Slovakia – it is also based on sound economic fundamentals. From a political economy point of view, our euro adoption process was a role model of economic policymaking.
Central banks are once again faced with the choice between achieving price stability at the expense of tighter monetary policy with temporary losses in GDP growth, and ignoring inflationary problems and long-term losses in economic development. Today's monetary policy involves difficult, and often controversial, decisions. On the one hand, central banks and governments have a common long-term goal of facilitating sustainable economic growth.