Europe’s anchor of stability - by Otmar Issing
At less than ten years old, the euro is by all measures a young currency. Yet it has become a reality of daily life for almost 320 million people in 15 European countries. In the wake of the euro’s performance during this year’s global financial crisis, even its strongest critics cannot deny that the euro is an astounding success.
But this success is no reason for complacency. Major challenges lie ahead. In the context of weakening growth, the Stability and Growth Pact will face a severe new test. And, just as important, reforms aimed at ensuring greater flexibility of markets still lag behind what is needed to exploit fully the advantages of the single monetary policy.
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