by removing exchange rate risks and the cost of currency hedging among the pre-euro legacy currencies. Information costs have been reduced as well. The euro is also enhancing price transparency and discouraging price discrimination: this is helping to reduce market segmentation and is fostering competition. Hence, the euro is acting as a catalyst for the Single Market Programme. But there is more to it.
And it should help with more balanced communication of our decisions in all countries, including Germany. The German authorities have access to the answers to the 43 questions we received as technical experts in this case before the Constitutional Court.