EURO project, 20 years on: A critical assessment and the road ahead

Részletes elemzés 30-01-2019

20 years have passed since EURO was first introduced in 1999. Several restructurings and crises later, the Monetary Union remains, but in a different shape and size to when it was first introduced. Against this background, the current paper critically explores the following dimensions of the Euro Area project: Credibility and stability, economic performance, uneven developments, and the main avenues/challenges for the project in the years to come. The document includes two comparative aspects: a domestic dimension from a historical perspective and a global comparison in terms of economic and monetary performance to other advanced economies during the past two decades. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.