The launch of the euro is a political act, and far more than a mere technical development. It has substantial implications for economic and political structures and responsibilities in Europe. 2. The stability of the euro is a major challenge not only to the Eurosystem but likewise to the economic and fiscal policies of member states and to the coordination of those policies.
By deepening the integration among our economies, the euro has also strengthened Europe’s role and autonomy. It has quickly become the second most important currency in the world and is increasingly being used in key markets for our future growth. Indeed, in 2021 about half of total green bond issuance around the world was denominated in euros3.