Up to now, one can distinguish essentially between four types of stability effects which the euro's arrival has brought: exchange rate stability, price stability, financial stability and fiscal stability. To these four, let me add a fifth stability aspect given that EMU and the euro provide and will provide an anchor of stability for Central and Eastern European Accession Countries.
In addition, financial institutions and investors seem too often to underestimate risk in the good times, with sometimes severe consequences for the broader community. This all means that our societies can benefit from a well-designed set of rules and standards to govern how financial intermediation takes place.