The euro is eleven years old on 1 January 2010. In recognition of this fact, Jean-François Drevet analyses here the effects of the single currency since its creation on the economies and public finances of the EU member states within the euro zone. He begins by pointing out the protective, stabilizing function of the euro by comparison with national currencies, particular in times of economic crisis. But he goes on to stress the disadvantages of a strong euro and to emphasize the need to “bolster its effectiveness, so that it does not delay the emergence from crisis”. Among other things, Jean-François Drevet advocates increased powers for the European Central Bank, better economic policy cohesion between EU member states and the establishment of a more pro-active common policy.
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