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Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System by Sara Eisen

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CHAPTER 3

THE EURO: PAST, PRESENT, AND FUTURE1

JÖRG ASMUSSEN

“It is a big success. We have given European citizens a single currency, which is in line with what was promised: a currency which retains its value, which inspires confidence, a stable currency, at least as stable as the legacy currencies. Ten years ago, many believed this promise could not be fulfilled.”

—Jean-Claude Trichet, European Central Bank President, January 2009

The Past: Setting the Course2

The European Economic and Monetary Union (EMU) and the single European currency are of historical significance for the economic and political development of Europe. The countries participating in the EMU brought their traditional national currencies together at the beginning of 1999 ...

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