Most studies published on the occasion of the tenth anniversary agreed that the euro had performed well in terms of macroeconomic stability, low and stable inflation and employment growth (EC 2008, Pisani and Posen 2008).
Often, change of this sort requires the application of some external force, be it from the market for corporate control, an activist investor, or a strong and independent  9  For different estimates of the costs of capital requirements to banks, see Baker and Wurgler (2013), Admati and others (2011), and Hanson, Kashyap, and Stein (2011).