Preconditions for stable monetary relations Of course, linking the currency to the euro cannot be a substitute for conducting stability-oriented macroeconomic and structural policies. Rather, any formal link to the euro should be preceded by policy measures which make the intended currency link a credible one.
Mutual Feedback with the Actual Markets The significance of traditional theory on financial markets is generally accepted not only in academia, but also among many market participants. However, as I have mentioned, there are quite a few phenomena in actual financial markets for which such theory might not provide a satisfactory explanation.