A decade later, the impact and future of the euro remains unclear
The ten-year anniversary of the introduction of the single currency will not be marked with any celebrations or ceremonies. With “austerity” and “crisis” being the words most associated with the euro, the day will be pass largely unrecognized, according to the New York Times.
The Financial Post conducted a series of interviews with key architects of the euro to discuss what went wrong. While most agreed the euro did not directly contribute to the current debt crisis, some believe the idea was doomed from the beginning.
Guy Verhofstadt, former prime minister of Belgium and leader of the European Parliament’s Alliance of Liberals and Democrats, argues that a critical flaw lies in the reality that “a state can exist without a currency, but a currency cannot exist without a state.”
Christian Noyer, a member of the European Central Bank and a governor of the Bank of France optimistically predicts that “maybe the euro will be the world’s number one currency.” Noyer’s rosy view of the euro is not shared by 50 percent of his countrymen who believe it has been a negative for France.
Standard Chatered’s Peter Sands holds a dimmer view and contends a lack of leadership is leading the eurozone closer to a break-up.
Related: France 24 news looks back on events leading up to the adoption of the euro.