It is during tough economic times such as those we are currently going through that both the benefits of belonging to a strong and stable currency area, and the dangers of “going it alone” in an economic environment which is prone to sudden and violent swings, become fully apparent.
The Euro is only ten years old, but with the current crisis it is truly coming of age. Today I will discuss the main accomplishments of European Monetary Union, and I will then elaborate on the challenges faced by the euro area, both within the current conjuncture, and from a longer-term perspective.