Regardless of the prevailing macroeconomic setting, the excellent underlying institutional conditions for the euro should always be borne in mind in any discussion of the stability of the euro: to enable it to perform its primary task of maintaining monetary stability, the ECB was endowed, under the Treaty of Maastricht, with a high degree of independence.
Notwithstanding a number of dissenting voices, especially from the English-speaking area, the ECB has a convincing monetary policy strategy. In addition, the Eurosystem possesses a comprehensive, up-to-date and market-oriented range of monetary policy instruments, which have already proved their worth in the short period since the euro was launched.