Now, 20 years later, over 340 million people are using euro cash in their everyday life and our single currency is more popular than ever. Reaching this point has not been easy. We have faced a series of crises, ranging from the global financial crisis to the sovereign debt crisis to the pandemic crisis.
During the crisis, the EFSF and ESM bailout funds stabilised the euro area but also increased the mutualisation of liability for previous national errors.