This not only holds for the Stability and Growth Pact and the Macroeconomic Imbalances Procedure, but also for macro prudential policies and the Asset Quality Review of bank balance sheets. Should any problems in the application arise, European policymakers will need to continue to forcefully tackle them. This enables us to keep the monetary union stable also in the long run.
This suggests a note of caution about the reclassification of these countries' currency regimes. 4  Frankel (2004) notes: "Placing actual countries into … categories is far more difficult than one who has never tried it would guess".