The euro system was designed to deliver prosperity and stability for all.

Chronic stagnation is too high a price to pay for adopting the euro.

That share climbed rapidly in the aftermath of the euro s introduction.

The euro s becoming a major reserve currency bestows important economic advantages on the euro zone economy.

Our economy has not been adversely affected by staying out.

Now, the Euro was a newly born currency of great opportunity for business, and, of course, for investment.

When the euro was launched, the US dollar euro ( ) exchange rate stood at 1.16 1.

But Cyprus, Malta, and Slovakia have since followed suit in making the euro their currency.

Seen from Wall Street, the euro was moving closer to becoming a normal currency.

The interest rates on the euro denominated sovereign debt of the twelve euro zone governments are all very similar.

Education grant amounts for euro zone currency areas effective 1 January 2002

WASHINGTON, DC The creation of the euro just over a decade ago was a courageous and unique experiment.

The more the eurozone s ineffective governance is criticized, the greater becomes the euro s importance as a non political currency that represents a secure store of value.

Those who would write off the euro as a failure should consider that it is only ten years old.

But the euro was an incomplete currency it had a central bank but no central treasury.

But the ground under the euro may well begin to shift if things don t change.

Today, the euro a currency without a country lacks a long track record of credibility.

With effect from January 2002, the currency of accounts was changed to euros (GC.8 Dec.16).

The Maastricht treaty explicitly prohibits a eurozone country from leaving the euro, but says nothing about a temporary leave of absence (and therefore doesn t prohibit one).

The euro s introduction led to housing booms in countries like Spain and Ireland.

One possibility is a gradual, market determined erosion of the dollar as a reserve currency in favor of the euro.

Huge investments worth trillions of euros will be needed to meet global energy requirements.

The introduction of the euro by a number of them Estonia is likely to follow shortly has also been a remarkable success story.

The euro was created partly in order to bolster internal market efficiency and prevent currency volatility.

Germany, in particular, must acknowledge that, far from being an innocent victim, its economy is the eurozone s biggest beneficiary and has been since the euro s inception.

After all, interest rates in Southern Europe were well above 10 in the decade before the euro was introduced.

Many of the new members will be small countries who will introduce the euro someday and will want to have a seat on the Executive Board.

The argument that the crisis stems from the eurozone not being an optimal currency area is similarly flawed.

When it suits them, the euro is no longer the currency of a highly successful and integrated economy, but a currency shared by a collection of sovereign creditor and debtor countries, and the IMF thus has a responsibility to support the debtor members.

Currency

And they express considerable pride in the euro s growing role as an international reserve currency, as well as resolve to do whatever it takes to defend the currency union s integrity.

Indeed, even if the eurozone breaks up, each European country could adopt a different currency but retain common symbols.

The euro s becoming a major reserve currency bestows important economic advantages on the euro zone economy. Europeans should thank the Chinese currency peg for the part it is playing in this.

One thing is certain these three problem areas reform and recapitalization of the banking system, a eurobond regime, and an exit mechanism need to be resolved to make the euro a viable currency.

Children's and secondary dependant's allowance amounts for euro zone currency areas effective 1 January 2002

In both countries, majorities voted against adopting the euro because they feared that national welfare norms would become curtailed.

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Basra coin.

It could be argued, for example, that Eurobonds would allow eurozone members to pool their financial strength and, by enhancing the attractiveness of the euro as a reserve currency, hold down borrowing costs to such an extent that AAA rated countries are not overburdened.

Twenty years after the European Parliament was elected by universal suffrage in 1979, the introduction of the euro marked a logical extension of the European dream.

But a more specific similarity is that highly indebted eurozone countries and Chinese provinces and counties have been spending too much of a common currency.

The same is true of developments like the Union's common foreign and security policy or Monetary Union, with its Euro and European Central Bank.

Europe has come a long way from the days when its leaders prophesied that the euro would quickly rival the dollar as a global reserve currency.