The ECB has done an excellent job in a difficult environment, especially when one considers that it started its activities in uncharted territory. In the more heterogeneous euro area of the future, the ECB’s task of providing stable money will become even harder. 4. The integration and adjustment fatigue which followed the introduction of the euro has to be overcome.
The same is true for prevailing national interests in the EU. This becomes even more important against the background of the enlargement of the EU. More political ambition and political leadership in Europe are crucial. 4  BIS Review 25/2003