After all, a currency is backed by the mutual trust placed in it by its users. The relative ease with which euro cash was introduced and accepted by people shows that there may be stronger feelings of community in Europe than many would have thought.
Third, another important, but sometimes grossly underestimated success of the euro relates to the convergence of long-term market interest rates towards the best performers in terms of credibility and low interest rates. The stability oriented macroeconomic policy framework, focusing on price stability and sound fiscal policies, has resulted in significantly reduced financing costs in most countries.