This explains why, from the point of view of the EU accession countries, the desirability of exchange rates anchored to the euro should not be considered from a merely static point of view (its present desirability), but also from a dynamic point of view (its prospective desirability, in view of the process of integration).
I think no additional words are needed about their put-option characteristics of the asset purchase programs. Looking ahead: no free umbrella against plain old rain Clearly, central banks’ provision of catastrophe insurance measures has worked quite well, together with various governmental measures of similar characteristics.