I think we did what we had to do in Europe, including in Portugal. Q – Do you consider it important to have a broader political consensus? A – It is key to have ownership. The more ownership there is at the national level, the more it can be demonstrated that reforms will be maintained and the less a precautionary security mechanism is needed.
By simulating some of the economic conditions which exist within a monetary union, ERM II also functions as a “training room” which prepares and helps prospective euro area entrants on their road towards adopting the euro. Finally, with respect to non-EU countries, the euro area has adopted a flexible exchange rate regime.