The Eurosystem’s record since the previous Survey of the euro area was released has been overall positive. The System readily weathered the financial stress in the immediate aftermath of the 11 September terrorist attacks, with coordinated action to inject liquidity into the financial system organised effectively and timely. As well, supported by extensive and careful preparation, the introduction of cash euros on 1 January 2002, and the subsequent withdrawal of legacy currencies, turned out to be very smooth. Monetary union is now a tangible everyday reality for over 300 million citizens in the euro area. Moreover, by fostering price transparency it is likely to boost competition to the benefit of all consumers. The changeover may have raised prices somewhat, but this impact is estimated to be small and is unlikely to last.