• These 11 countries are only part of the overall European Union. Hence there will be differences in the level of monetary integration within the EU. • And the political framework for integrating the single currency is a rather loose structure. The euro will have to cope with this as best it can.
BIS Review 105/1998  –2–  For the goal is not merely to ensure that the euro is stable at the beginning. The goal is to ensure that the euro remains stable over the long term. And in the long term it is highly probable that the euro will need a stronger political underpinning.