THE EURO: PAST, PRESENT, AND FUTURE1
“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 ...