European Central Bank President Christine Lagarde, along with other EU leaders, emphasizes the pivotal role of the euro in providing greater sovereignty to Europe amid global challenges. As the euro approaches its 25th anniversary, Lagarde, along with Ursula von der Leyen, Charles Michel, Roberta Metsola, and Paschal Donohoe, penned an op-ed highlighting the enduring significance of the currency.
In the joint article, the leaders stress that issuing the world’s second most important currency has empowered Europe to remain self-determined in the face of geopolitical tensions, such as Russia’s illegal war against Ukraine, the escalating climate crisis, and challenges to competitiveness from global energy and industrial policies.
Launched by 11 countries in 1999, the euro initially existed as an electronic currency for three years before expanding to include 20 countries, serving approximately 350 million people. The leaders underline its positive impact on simplifying life for European citizens, enabling easy comparisons of prices, trade, and travel. Moreover, the euro has provided stability, safeguarding growth and jobs during various crises.
As the euro celebrates its quarter-century milestone on January 1, the leaders highlight its endurance, debunking predictions of its disintegration, even during challenging times like the Greek crisis in 2015. While Greece remained within the eurozone, Croatia joined as its newest member in 2023.
However, challenges persist for some euro hopefuls, such as Romania and Bulgaria, facing internal issues and economic considerations. Lagarde and fellow leaders emphasize the importance of retaining the EU’s capacity to act decisively, especially with several countries in the process of joining the EU. They underscore that enlargement and deepening are not mutually exclusive, but potential changes to the EU’s organization may be necessary.
