Over the first ten years of its existence, the euro has proved to
be more than a powerful symbol of collective identity. It has
provided price stability to previously inflation-prone countries;
it has offered a shelter against currency crises; and it has by and
large been conducive to budgetary discipline. The eurozone has
attracted five new members in addition to the initial eleven, and
many countries in Europe wish to adopt it.The euro has also been
successful internationally. Even though research presented in this
volume confirms that it has not rivaled the dollar's world currency
status, it has certainly become a strong regional currency in
Europe and the Mediterranean region. Some countries in the region
have de facto adopted it, several peg to it, and many have become
at least partially euroized. However, the euro's impressive first
decade is likely to be followed by a much more difficult period.
The present financial crisis is posing at least two important
challenges: real economic adjustment within the euro area and
maintenance of fiscal and financial stability without a central
government authority capable of taking appropriate financial and
fiscal decisions in difficult times.The papers and remarks in this
volume demonstrate that the euro has proved to be attractive as a
fair weather currency for countries and investors well beyond its
borders. But it remains to be seen whether it is equipped to also
succeed as a stormy weather currency.
General
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