While these challenges are genuine and serious, I do not agree with the conclusions that some commentators have drawn. Such criticisms overlook two very important aspects of the euro area that tell a different story about its resilience.   First, the euro has been successful, in its first 12 years, in many important areas which do not require reforms.
The euro has brought stability, with inflation averaging 1.98% and inflation expectations remaining solidly anchored. The euro has facilitated economic integration, with financial integration increasing by around 25–30% in those EU countries that first adopted the euro and trade integration increasing by an average of 5–10% since 1999.