He had to contend with fears about the future of the euro area, followed by a prolonged period of too-low inflation.2 And my own Presidency has already seen the pandemic and economic lockdown, Russia's brutal invasion of Ukraine, the energy crisis and the return of too-high inflation. Yet the fundamental promise of the euro has held true.
And thanks in no small part to our monetary union, we have been able to weather it all – and come out just a bit stronger each and every time. First, the euro has brought us stability. With stable exchange rates, the Single Market – and the commitment to peace it represents – has not only survived; it has thrived.