However, related to the difficulties faced by the European Monetary System in the beginning of the 1990s the enthusiasm for a common currency at that time was still limited. Today the euro belongs to the everyday life of over 300 million people and right from its very first days, the euro has been a success.
We wish to choose the one which best satisfies the other obligations contained in our Act, which I summarise as achieving sustainable growth in income and employment. We are not simplistically committed to achieving the minimum possible variability in the inflation rate, or even hitting the target at some fixed period ahead, such as two years.