Overall, it seems that none of the aforementioned factors will seriously endanger the ability of the Eurosystem to conduct a monetary policy geared to price stability. However, they impose on the Eurosystem a greater analytical challenge in examining current developments and a need for the availability of accurate and up-to-date information in the areas concerned.
To the extent that the international role of the euro contributes to capital market efficiency in the euro area, the operation and transmission of monetary policy might even be enhanced. For the international monetary system, the introduction of the euro certainly represents one of the most profound changes since the collapse of the Bretton Woods system in the early-1970s.