In the 10 years of its existence, the euro has not only been a great success for its member states but has also continuously enhanced its international role. With the entry of Slovakia in January 2009, the euro area currently comprises 16 member states, with a total population of more than 330 million.6 This compares with a U.S. population of 304.5 million in 2008.
By the same token, the aftermath of a debt crisis often leads to a prolonged period of balance sheet adjustment, low economic growth and possible risks of a debt deflation spiral.