Against the backdrop of these advantages and constraints of a common currency, let me describe some salient features of the Greek economy since it became the twelfth member of the euro area on January 1, 2001. The Greek economy: 2001–2009 Entry into the euro area provided Greece with an improved, stability-oriented environment. The ECB was – and is – the guardian of monetary stability.
Our experience with this “interim” year will inform the move to a permanently longer testing cycle—a change that would, of course, be subject to a full notice and comment process.9 Improvements like these are necessary to ensure our supervisory framework evolves from its post-crisis origins to an effective steady state.