Press Release: 10 years of Economic and Monetary Union: a resounding success but testing times ahead

The euro is a resounding success. The protection provided by an international currency with a market of nearly 320 million people, supported by sound public finances and stable macroeconomic policies, is particularly welcome in these times of uncertainty and worrying increases in the prices of energy and food. But as we complete 10 years of Economic and Monetary Union (EMU), we must acknowledge that there is still work to be done. The euro area’s governance and coordination of economic policies must be improved. This will involve both deepening and broadening economic surveillance arrangements to guide fiscal policy over the cycle and in the long term and, at the same time, address divergences in growth, inflation and competitiveness. We also need to better project our voice in the global arena, to reflect the euro’s weight as an international currency used well beyond its borders. Only then will the benefits of the single currency become fully apparent to the citizens of the euro area.

European Commission: MEMO/08/288: Frequently-asked-questions on EMU and the euro http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/08/288&format=HTML&aged=0&language=EN&guiLanguage=en

European Commission: SPEECH/08/233: EMU@10: Successes and challenges of 10 years of Economic and Monetary Union http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/08/233&format=HTML&aged=0&language=EN&guiLanguage=en

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