It is a unique project in Europe’s history. And much depends on its lasting success. A number of nation states, which in other respects are largely sovereign, are giving up their own currency in favour of the euro, and thus also relinquishing a major element of national sovereignty.
Given global integration, this historic change in the economic policy has an impact going far beyond the participating countries which affects neighbouring countries and trading partners. Everyone must now adapt their future decision-making on regulatory policy to the changed environment. BIS Review 59/1999  6  Unlike Tomas, the character in Kundera’s novel, those bearing responsibility must not avoid making the necessary decisions.