There is, therefore, no conflict between the conduct of a monetary policy focused on the preservation of price stability over the medium and longer term, and the safeguarding of financial stability. On the contrary, price stability and financial stability should be mutually reinforcing.
Probably, foreign exchange markets within the single market would have been driven by speculative activities. Think of what happened in the early 1990s. Currency fluctuations would aggravate both the financial crisis and real economic tensions – and do not forget the political turbulence implied by such currency tensions.