And that will be for good, because in practice this step cannot be reversed. There were of course also some other options. With the European Monetary System, Europe’s approach has for a long time been that of an exchange rate arrangement with fixed but adjustable parities; at times there have been some considerable difficulties, but in the end the system has proved largely successful.
That goes in particular also for the period after the BIS Review 45/1998  -6-  widening of the fluctuation margins. Nevertheless, this approach falls short of full monetary integration and the strategy of a single currency.