*  *  *  Introduction Ten years ago, on 1 January 1999, the euro was introduced as the common currency of 11 Member States of the European Union. Today, the euro is used by around 330 million citizens in 16 countries and it has established itself as a stable currency, accepted in financial markets worldwide.
However, it is often difficult to pin down the channels through which a rise in the terms of trade propagates through the economy. What is clear is that we are not going to get a repeat of the resources boom that occurred when iron ore prices were last at these levels.