The fact that the euro has maintained its international status over this period seems to signal confidence among investors about the ability of the euro area to overcome its crises. In forcing the euro area to strengthen its governance, this “trial by fire” might even have contributed to improving the prospects of the euro as an international currency.
Furthermore, with regard to the Greek issue, there was genuine consensus within the Eurogroup that Greece had to respect the rules of the game of Economic and Monetary Union (EMU).