However, related to the difficulties faced by the European Monetary System in the beginning of the 1990s the enthusiasm for a common currency at that time was still limited. Today the euro belongs to the everyday life of over 300 million people and right from its very first days, the euro has been a success.
Despite what many sceptics expected, the ECB and the euro have been credible from day one. This credibility is based on the sound institutional setting for EMU enshrined in the Maastricht Treaty. The Treaty provides the ECB with a clear mandate to safeguard price stability in the euro area and the Eurosystem enjoys full independence in the pursuit of this mandate.