In 2008 the European Central Bank celebrated its tenth anniversary. With annual in flation averaging only slightly above 2% in the euro area, we have witnessed a decade of relatively stable prices, in line with the ECB’s mandate to deliver price stability. Likewise, longer-term inflation expectations have remained broadly anchored at levels in line with price stability during this time, reflecting the high degree of credibility enjoyed by the ECB’s monetary policy.
This success is also tangible proof of the institutional robustness, coherence and unity of the Eurosystem, of its capacity to act in a truly European spirit on the basis of shared values, high standards and common principles.
From the outset, the euro has been a stable currency. It is now used by 329 million fellow citizens in 16 euro area countries and is also widely accepted in international financial markets. Following the adoption of the euro by Cyprus and Malta in 2008, Slovakia joined the euro area as the 16th member on 1 January 2009. […]
