I notice in passing that this “internal exchange rate” stability has often been overshadowed by a disproportional interest in the floating of the US dollar-euro exchange rate. The dollar/euro exchange rate movements have, in fact, been comparable with the dollar’s historical fluctuations vis-à-vis the European currencies (in particular the German mark) prior to the introduction of the euro.
The euro is leading to an increased transparency of prices and greater competition and a thorough integration process has taken place in the area.