Ultimately, a currency needs to have state backing, as history has demonstrated. Over the centuries, experience has shown that, even in situations much less complex than today’s, there needs to be a central bank which is given the exclusive right to print money. Looking back over those years of turbulence, on which occasions were you anxious about the euro? There were two.
The Greek crisis in 2010. And in 2011–12, when market pressure shifted towards Spain and Italy. The European response resulted in, among other things, the creation of the ESM and the transfer of supervisory functions to the ECB. The actions of the ECB, with its Securities Markets Programme and Outright Monetary Transactions, were also crucial.