As a result of the tightened and consistent policy mix, inflation reached a low of 2 per cent during the second half of 1999. Then, in order to limit the degree of depreciation that would be required for the market rate to reach its central rate and the resulting inflationary pressures, the central rate was revalued by 3.5 per cent in January 2000.
The rest, as they say, is history; having fulfilled all the Maastricht criteria, on January 1, 2001 Greece became the 12th member of the euro area. Concluding Remarks What are the key lessons that emerge from Greece’s experience? Let me highlight the following.