anchoring : new insights from micro evidence of a survey at high - frequency and of distributions, bis working papers no 809. 6. coibion, o., gorodnichenko, y., kumar, s. ( seite ), pedemonte, m. ( 2018 ). inflation expectations as a policy tool?, nber working paper 24788. 7. coibion, o., gorodnichenko, y., kumar, s. ( seite ) ( 2018 ). how do firms form their expectations? new survey evidence, american economic review 108 ( 9 ), pp. ( pages ) 2671 - 2713. 8. de guindos, l., communication, expectations and monetary policy, intervention at the ecb policy panel of the annual congress of the european economic association, 27 august 2019. 9. rosenthal, r. and jacobson l. ( 1963 ). teachers'expectancies : determinants of pupils'iq gains, psychological reports, 19, pp. ( pages ) 115 - 118.

, the west european countries strived for deeper european integration, for a united europe. the reasons for this were many and varied. securing peace within europe was undoubtedly the dominant rationale. bis central bankers ’ speeches the relationship between european neighbours france and germany played a key role in this context. hostility between the two nations, be it overt or latent, had persisted for centuries. this so - called “ franco - german enmity ” was surmounted in the wake of the devastating second world war and developed over time into a franco - german friendship, an engine driving the process of european unification and integration. however, belonging to a community of values was of particular importance to germany following the hitler dictatorship and the holocaust. konrad adenauer, the first chancellor of the federal republic of germany, expressed this as follows : “ the unity of europe was the dream of a few. it became the hope of many. today it has become a necessity for all of us. ” but there was also a desire to sustainably improve europe ’ s economic prosperity. it is not incidental that european integration began by stepping up economic integration. after the second world war ended, progress was made on various fronts, culminating initially in the single european market. the foundations of this single european market were the “ four basic freedoms ” : the free movement of people, goods, services and capital. but it became evident at an early stage that economic integration in europe could only really take off if it was accompanied by a stable single currency. as far back as the start of the 1970s, there existed a plan to establish a european economic and monetary union that was to be fully implemented by 1980. ultimately, progress was not so rapid after all. no serious attempt to establish monetary union was made until jacques delors took over the presidency of the european commission in the late 1980s. the maastricht treaty was later signed by eu member states in 1992. 3. european monetary union and its regulatory framework in 1999, the long - cherished dream of european monetary union became true, marking a major step towards deeper european integration. introducing a single currency had tangible benefits. prices of goods could be more easily compared throughout the member states. exchange rate risk was eliminated and transaction costs fell. this in turn promoted trade, not only within the monetary union but also with the rest of the world. money and capital markets converged further. and, last but not least, the euro brought with it a period of remarkable price stability for the member