In recent months, we have seen another of the euro’s benefits during the financial crisis. The euro protected the euro area from internal exchange rate tensions as well as from political ones, as it had done on previous occasions. As the euro banknotes and coins were introduced on 1 January 2002, they became one of the most tangible symbols of Europe.
II  Ongoing challenges  The government and other public support measures have bought the financial system time to cope with losses and to prepare for potential financial strains lurking on the horizon. Moreover, public-sector intervention has had a decisively positive impact on the outlook for earnings. Short-term interest rates are at very low levels indeed.