That being said, as regards “Monetary Union”, twelve years after the launch of the single currency, I can say that the euro is there, it is credible and it maintained price stability even better than was expected by almost all observers. Annual average inflation over the past 12 years has been less than 2%, close to 2%.
This is better than in the euro area countries over the last 50 years. As a stable currency the euro is undoubtedly a success.