The euro turns 20

Lessons learned

The euro’s first 20 years played out very differently than many expected, highlighting the importance of recognizing that the future is likely to be different from the past. Given this, only a commitment to flexibility and a willingness to rise to new challenges will ensure the common currency’s continued success.

The Euro Turns 20
By: Daniel Gros – CEPS

Euro’s successes

Comunale and Mongelli find that institutional integration at EU level supports long-run growth for all countries, and in particular, in the periphery. On the other hand, they find that further financial integration will tend to benefit the core countries while political integration will tend to benefit the periphery.

Euro Area Growth and European Institutional Reforms
Authors: Mariarosaria Comunale, Francesco Paolo Mongelli
From: ECB

The Draghi “put”

ECB President Mario Draghi deserves top marks for balancing Germany’s demand for fiscal discipline and the Mediterranean need for accommodation.

The Euro’s First 20 Years
By: Jeffrey Frankel

A less celebratory note

Modi questions whether the euro has indeed boosted trade within the eurozone, contributed to economic convergence or increased employment in member countries.
On the euro’s 20th birthday, Draghi’s tribute perpetuates long-refuted myths
By: Ashoka Modi – Princeton University