However, for a durably stable monetary union, European monetary policy also needs the support of the other areas of economic policy - not only at the start of monetary union but also in the future. In that case the euro has a good chance of becoming a lastingly stable currency, respected by the markets and the population alike.
And domestic stability is at the same time the best contribution the euro can make to a sound, viable and stable global financial system in which the financial market players can act in a spirit of responsibility. BIS Review 84/1998