I would say that the birth of the European single currency project was accompanied by “two fairy godmothers” with negative omens for its future: 1. The theory of optimal currency areas2(OCA), including the criteria deemed necessary for a region to qualify as an OCA and benefit from a common currency; 2.
Moreover, inflation has the effect of transferring wealth from savers to debtors, as savers face a loss in the value of their assets, whereas the real value of debts diminishes as a result of inflation. Maintaining price stability prevents such arbitrary and unjust redistributions of wealth and income brought about by inflation. Price stability also contributes to a better economic performance.