Beginning this month, 11 of the 15 member countries of the European Union have joined in a currency union. And they are using the euro as their common currency. The currency union is yet another step on the road to greater economic, social, and political integration in Europe – a vision some 50 years in the making.
To be sure, this is a remarkable achievement. Especially when you think that not too long ago many observers were still very sceptical that these countries would be prepared to give up their national currencies. Or, indeed, that they would be able to meet the requirements for participation.