But I do want to draw attention to the fact that, in the third millennium, it will remain true that: In the long run, there can be stable money only if monetary policy keeps monetary growth under control, the markets are sufficiently flexible, and policy makers ensure appropriate underlying conditions and keep government finances in check.
That is why the brave new world in Europe – especially since it is not as brave as all that in a number of European countries – will need a durably stability-oriented monetary policy, even if monetary policy alone cannot safeguard the stability content of the euro. V Unfortunately, the first quarter-year of the euro has been marked by a number of political uncertainties.