The cash changeover from the national currencies to the euro at the start of 2002 went smoothly and was a historically unique logistical achievement. Moreover, the ECB has been broadly successful in fulfilling its mandate. Price stability has been largely achieved. What has not yet been achieved and what are the current problems?
Of course, a robust financial infrastructure has many benefits even in normal times, including lower transactions costs and greater market liquidity. In periods of extreme stress, however, the quality of the  2  2  See Department of the Treasury (March 2008), Blueprint for a Modernized Financial Regulatory Structure. BIS Review 100/2008  financial infrastructure may prove critical.