The size and capacity of an economic area is of significant relevance to its currency and to the evolution of its financial markets: economies of scale play an important role, especially in determining the degree to which the money is used. A large economic area generates a large “natural constituency” for its own currency.
While the outlook for price stability has remained broadly unchanged since our last decision on 5 June, the Governing Council will continue to monitor carefully all factors which are relevant to its assessment.