Single title
First of all, the new European currency was established within the financial
markets and monetary policy in non-physical form, so Europe can celebrate the
euro’s 13th birthday at the start of 2012. However, if we trace the birth of the
euro back to 2002, when it was first introduced in physical form, then we have
only reached its 10th anniversary. The euro only became a tangible part of the
lives of European citizens once the coins and notes were introduced. For politics
and business, on the other hand, the start date of 1999 was critical in making
the right preparations for the major project of European integration.
The euro’s short history can be broken down into two stages: a ten-year period
of plain sailing up to 2009, followed by a stormy period when it faced great
challenges and dangers and an uncertain future. At the time of its 10th birthday
at the beginning of 2009, the euro was widely acclaimed a success 2, but
since the eruption of the sovereign debt crisis in early 2010, the dark clouds
have been gathering over many eurozone countries. When assessing the state
of the still-youthful euro, it is necessary to take into account not only the positive
developments but also its disappointments and serious shortcomings.
Firstly, the previous situation of the euro will be analysed using certain criteria.
Then the debt crisis situation will be investigated and the policy decisions made
to deal with it in 2011 will be evaluated, along with the future structure of the
EMU. Finally, future opportunities and risks will be examined in light of the debt
crisis.
