The Euro after 20 Years is a Historic Success - A powerful Encouragement for further European Reforms

Improving global governance
Posted Mar 07, 2019 | Review of World Economics, Jean-Claude Trichet

In this article in the Review of World Economics, Jean-Claude Trichet reflects on lessons learned from the first 20 years of the single European currency and considers its prospects. He suggests that contrary to many negative predictions, the credibility, stability, resilience, flexibility, popular support and real growth of the euro constitute a remarkable success.. As a global payment currency, it represents 31.3 percent, approximately ten times the percentage of the yen and not far from the 42.1 percent of the U.S. dollar. The long-term goal of Europeans should be to run their single currency economy, optimally, avoiding the sustained divergences that created the sovereign risk crisis, while creating chances to raise job creation and standards of living in the euro area.


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