*  *  *  Introduction Eight years after its establishment, it is sometimes forgotten what a monumental achievement Economic and Monetary Union actually is. In the early nineties, many people believed it would never happen. Others speculated that if it were to happen, it would soon fall apart. These doomsayers were wrong.
Monetary Union happened and it happened smoothly, bringing huge benefits to the people who share the euro. With this in mind, I will today resist the temptation to predict the future of Monetary Union. Instead, I will touch upon the benefits of having the Monetary Union and the key challenges it still faces.