The measures taken are only one side of the coin when it comes to discuss the euro’s role as a shelter. It is plain to see that EU membership alone has stabilized the region. It boosted access to international financial markets and enhanced the provisioning of indirect support to local banks.
Membership in monetary union would have further increased access to liquidity during the crisis and provided shelter against speculative currency attacks. Moreover, the longer-term benefits of monetary union include •  lower transaction costs,  •  increased competition and consequently lower profit margins,  •  stronger financial market integration and  •  a credible monetary policy target towards price stability.