20 Years of European Economic and Monetary Union

The Annual European Central Bank Forum at Sintra, Portugal was held recently. The papers and videos are all on the website.

In particular, this speech by EC President Jean Claude Junker is interesting. He points to “six moments in time, six lessons in history that have shaped the euro and the European Union as we know it.”

Lesson 1: The euro is a political project for our grandchildren
Exchange Rate Mechanism Crisis 1992

Lesson 2: The rules do not need to be stupid
The Stability and Growth Pact crisis 2003

Lesson 3: The euro is a matter of common interest
Greece 2010

Lesson 4: The euro requires resolve
Mario Draghi’s ‘whatever it takes

Lesson 5: The euro is irreversible
Greece crisis July 2015

Lesson 6: The euro is a strategic asset in today’s world
The Iran nuclear deal and the international role of the euro

 

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