It is the result of successive political decisions and the evolution of the European integration process. The euro is a logical and necessary consequence of the single market. Currency fluctuations – even when resulting from the normal functioning of the markets – translate into subsidies/penalties for economic agents and create uncertainty.
They distort competition, generate trade reallocations not based on economic fundamentals and cause social discontent. It was evident that the Exchange Rate Mechanism of the European Monetary System was not compatible with the degree of openness of the economies participating in the single 1/5  BIS central bankers' speeches  market and the existence of autonomous monetary policies.