Efforts are required, particularly on the part of governments, in devising economic and fiscal frameworks, which are of the essence to the single currency. However, efforts are also necessary on the part of financial market participants and supervisors, given that the maintenance of financial market stability is a crucial prerequisite for monetary and macroeconomic stability.
When it was first launched in 1999 and then when the euro cash changeover took place in 2002, the euro was met with a certain degree of criticism and scepticism. Today, the euro is the single currency for 17 countries, with a total population of 330 million citizens. The euro has proved to be a resounding success.