Since the start of the monetary union inflation expectations have been low and stable. This reflects confidence in the Eurosystem’s policy, and helps in negotiating stability-oriented wage settlements. To sum up: We have a single currency, the euro. Monetary policy decision-making is centralized, the primary objective of monetary policy being clearly specified: price stability. Stability-oriented monetary policy is underpinned by stability-oriented fiscal policy.
However, even in a watertight institutional and political environment, stability cannot be taken for granted. Stability must be earned, again and again, day by day. The German “Stabilitätskultur” – one may translate this as "stability culture" – is one of our most cherished exports to our European partner countries. European people now share a firm stability orientation.