Indeed, it is in these regions where the relationship between the ECB’s pursuit of a stability-oriented monetary policy and the euro’s international use has been most visible. By granting monetary stability to an economic area that is by far the largest trading partner of our neighbours, the euro has helped anchor policies in the region.
It has prevented a mismatch between trade and financial links and provided clear guidance to one of the most profound processes of economic transformation. The anchoring effect has been most pronounced with regard to the ten new Member States that joined the Union two weeks ago.