That does not mean that both phenomena are mutually independent (also noted by Neumann, 1997, p. 27). Permanent confidence in the stability of the currency can be instilled only within the context of a well-conceived status and its implications for monetary policy; this is confidence which, in turn, underpins monetary policy measures geared to stability.
BIS Review 25/1998  - 10 -  Uncertainties The Maastricht Treaty has largely laid the foundations for a stability-oriented monetary policy as far as the institutional arrangements are concerned. As I have pointed out, those foundations need to be complemented by an appropriate strategy and a convincing decision regarding the choice of the leading personalities.