And how is it possible to safeguard that ability and the willingness to utilise it on a lasting basis? Now, in some way or another, the track record and the basic situation in the countries concerned have to be taken into account. The Maastricht Treaty does that and stipulates convergence criteria for that purpose.
These may not have been the final pearl of wisdom in the strict economic sense, but that should not make us overlook what fundamental pillars the convergence criteria represent in terms of the logic of a politically decentralised currency union.