The euro area experience Having elaborated on the need for a clear institutional framework, let me now turn specifically to the euro area, and discuss how these insights have found their way to the policy framework of the European Union (EU). The introduction of the euro posed a unique challenge to devise principles reflecting the considerations I have just highlighted.
Professional, responsible – or to put it in Dositej’s words – modern and “enlightening” monetary policy. This can be nothing but a monetary policy that ensures low inflation, as today there is not a single country in the region or Europe which has high rates of inflation. 3. Thirdly, an independent central bank.