Review of World Economics

, Volume 155, Issue 1, pp 5–14 | Cite as

The Euro after 20 Years is a historic success

A powerful encouragement for further European reforms
  • Jean-Claude TrichetEmail author
Original Paper


Contrary to many negative predictions, the euro, as a currency, is a remarkable success in terms of credibility and stability. The euro, as a currency, and the euro area, as a single market with a single currency, proved a remarkable resilience in the worst global financial crisis since World War II. The euro area was quick, imaginative and flexible to learn lessons from the global financial crisis. The euro and the euro area were and are benefiting from a large popular support, which explains largely their resilience in the crisis. The euro area is a success in terms of real growth measured during the period starting from its inception until today.


Euro Euro area Historic success Credibility Resilience Popular support 

JEL Classification

E42 E58 F55 

Copyright information

© Kiel Institute 2018

Authors and Affiliations

  1. 1.European Central BankFrankfurtGermany

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