See also Lane (2006, 2012, 2015, 2018) for more general assessments of the common currency. A shared currency is especially effective in managing common cyclical shocks, since the single monetary policy works in the same direction for all member countries (Lane 2000b).
In our current global economic climate, however, central banks are shifting towards going beyond the unique circumstances of their own individual countries, and dealing collectively with common issues in the world economy through policy coordination. The latest trend is toward a reinforcement of the financial stability role of the central bank.