Konrad Adenauer – Germany’s first post-war Chancellor – once famously said, (and freely translated): “Why should I care about remarks I made in the past?” He said so knowing that the speed at which events unfold may – at times –outpace our comprehension of them at any given moment.
The euro has created a new monetary reality for 307 million Europeans that few would have thought possible a generation ago. Like most bold undertakings, however, the euro has had its share of ups and downs. When the euro was launched in 1999, skeptics were doubtful whether it would be possible to make the euro a stable currency.