The European Parliament marked the 10th anniversary of the introduction of the euro as a bastion of economic stability in the region. EP President Hans-Gert Pottering noted that the adoption of the euro has acted as “a stabilizing factor.” He also said that “The common currency has protected us from the worst consequences of the worst financial crisis since the 1930s.”
When it came into circulation in January, 1999 the euro was used by 11 countries, including France and Germany. It is currently in use by 15 countries and Slovakia is about to become the 16th to officially convert to the euro.
ECB President Jean-Claude Trichet told MEPs that the euro was “one of the great achievements of Europe… One day it will be seen as decisive step on road to ever closer union of peoples of Europe.”
“Since the introduction of the euro, fellow Europeans have enjoyed a level of price stability which previously had been achieved in only a few of the euro area countries. This price stability is a direct benefit to all citizens. It protects incomes and savings, and it helps to bring down borrowing costs, thus promoting investment, job creation and prosperity over the medium and long term. The single currency has been a factor of dynamism for the European economy. It has enhanced price transparency, increased trade, and promoted economic and financial integration within the euro area and with the rest of the world.”
