However, the low level of turbulence within the euro area contrasts with sharper reactions to similar events in the period before EMU existed. This means that we have withstood what has been regarded as the worstcase scenario for the new currency.
The European currency area exhibits greater macroeconomic stability, to the benefit of all its citizens, and also to the benefit of the world economy at large. 2  BIS Review 98/2001  V The three large currency areas in the world – the United States, Japan and the euro area – together account for almost one-half of world output.