Press Release: Three and a half years on the benefits of the single currency are evident

On 19 June 2002, the European Commission adopted a Communication on the Euro Area in the World Economy. It notes that the introduction of euro notes and coins at the beginning of this year was a landmark achievement in the history of European integration. The benefits of Economic and Monetary Union (EMU) have been felt already for some time. EMU is based on a commitment to sound macroeconomic policies, which have helped to create a new culture of economic stability in Europe. In turn, this has enabled Europe to weather the recent slowdown in the world economy.