The debate centred around concerns that monetary stability would be jeopardised. Stability ranks extremely high in Germany’s order of priorities, with hyperinflation having wiped out the currency twice this century, followed by currency reforms and their horrible political, social and economic consequences. Against this background, the debate on economic and fiscal convergence and the group of participating countries was especially heated in Germany.
- III Now, a good two months after the changeover to the euro, initial experience with the new currency in the international financial markets can be evaluated. The changeover to Stage Three of EMU, which posed an extraordinary technical and operational challenge to all financial market participants, was an unqualified success. Despite the technically complex task at hand, there were no serious malfunctions.