The euro has held its value remarkably well in the 12 years since it was launched, with an average annual inflation rate of below 2% (1.97% to be precise). That’s better than anything achieved by the national central banks before the introduction of the euro. Our primary mandate is to maintain price stability, which we have done.
The period since then has been largely more of the same. The euro area economy contracted in the first part of the year, but may be starting to grow again. It still faces immense challenges with its banks and public finances, and some years of uncertainty. But once again the worst fears have not been realised.