If the macroeconomic consequences of that crisis were minimal, then that is thanks to the euro. Without the euro, the exchange rate of the Belgian franc would most likely have come under pressure, and the National Bank would have had to respond by increasing its interest rates. The crisis would then have had an impact extending far beyond the sectors directly affected.
4 Safeguarding stability Throughout its history and thanks to the commitment of its staff, the Bundesbank has always managed to adapt to a changing environment. This is how it has fulfilled its mandate and remained true to its core. Stability is the Bundesbank’s mission and its core.