There are several different factors that could explain that confidence in the single currency. First of all, the euro forms an integral part of the European identity. 7 It is also considered to guarantee stability (by protecting purchasing power) and provide protection against the risk of exchange rate crises.
This aspect is directly linked to the credibility of the ECB’s monetary policy, which has demonstrated its ability to act to maintain price stability. Finally, sharing a currency establishes common interests, from both a financial and a geopolitical perspective. We can build on that confidence in the euro in order to strengthen our monetary union.