While the introduction of the euro has increased macroeconomic stability and furthered trade and financial integration, the sovereign debt crisis clearly demonstrates that the job is not done yet. The importance of the Eurozone for the global economy does not directly follow from the size of its population.
It is not intended to refer to a specific time horizon, and indeed, when the FOMC introduced the balance of risks statement, it suggested that the time horizon encompassed by the foreseeable future might well vary depending on the economic circumstances.