•  The second example of the credibility of the ECB is that medium and long-term market rates of the euro are at the same low levels in terms of embedded inflation expectations and risk premia as those experienced by the most stable national currencies prior to it.
In other words, we have been instrumental in securing the lowest market interest rates on a 5, 10 up to 50-year basis. Most euro area countries have benefited from significantly better financing conditions than in the 1990s, a situation which has also supported fiscal consolidation. 2  The euro has also helped strengthen trade and financial linkages across euro area countries.