It came, I suppose, as a surprise to those who had been very sceptical about the euro that the birth of the new currency proceeded as smoothly as anyone could have hoped for. Indeed, it was a resounding success. The process of the changeover to the euro was virtually free of technical faults.
Almost overnight a unified money market was created, which - notwithstanding a formidable transactions overload - functioned from the very start without any major complications. Short-term interest rate volatility remained well contained, and the main refinancing operations, along with the standing facilities and the reserve requirement system with its averaging provisions, have since guaranteed money market developments closely in line with the ECB's intentions.