More importantly, the weight of the fluctuating part in exchange rate "baskets" is, in all Member States, now much smaller than in the past. BIS Review 93/2001  1  For example, for Austria as a small open economy the external stability of the currency was of prime concern.
Over this entire period, we have achieved an average annual inflation rate of less than 2%, but close to 2%, in the euro area. And in Germany it is even significantly lower. The facts speak for themselves. No central bank in Europe – not even the Deutsche Bundesbank – has achieved such a low rate of inflation over such a long period of time.