Ten years have passed since the founding of the European Central Bank but it seems as if it was yesterday. This was the last crucial step towards the introduction of the euro, a currency that was adopted by many European countries. With little nostalgia, these countries have forgotten their marks, francs, lire and pesetas.

A big celebration of this anniversary is being planned by the ECB and I admit that there is a reason for it. The bank has chosen well-established methods of central banking and performed relatively well. It has quickly created a functioning monetary policy strategy. It has managed to keep inflation under control and by doing so has contributed to the recognition of the euro as a true international currency. In spite of all this, it is no great success. Why?