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Introduction

In: The Euro, Inflation and Consumer’s Perceptions

Author

Listed:
  • Paolo Giovane

    (Bank of Italy)

  • Roberto Sabbatini

    (Bank of Italy)

Abstract

The drawn-out process of reform that led eleven countries in January 1999 (joined by Greece in 2001) to adopt a common currency and monetary policy was completed three years later by the substitution of euro banknotes and coins for cash denominated in national currencies. The institution of the euro eliminated the serious source of instability that the variability of exchange rates represented within the area. In Italy, as in other countries, it anchored inflation expectations to levels consistent with the Eurosystem objective of price stability and helped to bring down interest rates to historically low levels, cutting the cost of servicing the public debt and making borrowing conditions easier for households and firms. The changeover to euro notes and coins (changeover, for short), an operation of great technical and logistical complexity and of a scale unparalleled in recent history, went smoothly, without repercussions on the functioning of the markets.2

Suggested Citation

  • Paolo Giovane & Roberto Sabbatini, 2008. "Introduction," Springer Books, in: Paolo Giovane & Roberto Sabbatini (ed.), The Euro, Inflation and Consumer’s Perceptions, pages 1-11, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-78370-1_1
    DOI: 10.1007/978-3-540-78370-1_1
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