Stock markets across the globe have fallen significantly and money and credit markets have frozen, causing severe stress in financial systems and resulting in the failure of several large financial institutions in the United States and Europe. The financial crisis together with high energy and commodity prices is pushing many countries, including the most advanced economies, to the brink of economic recession.
And it was one of the milestones laid down by the founding fathers of Economic and Monetary Union in the Treaty of Maastricht more than 20 years ago. Over the years, euro banknotes have become the most visible symbol of European integration. The single currency, the euro, was conceived as a key step towards that goal.