Prospects for the eurozone

Abstract

The Euro, probably more than any other currency, represents the mutual confidence at the heart of our community. It is the first currency that has not only severed its link to gold, but also its link to the nation state. (Wim Duisenberg, President of the ECB in 2001, quoted in Marsh, 2009, p. 1) Europe’s integration could not succeed if it promised to make the strong regions stronger and the weak ones weaker. (Magnifico, 1973, p. 8) For Wim Duisenberg, the euro’s perceived independence from the nation state was a path-breaking achievement, to be proud of and to cherish. Little more than a decade later—and three years into the deepest economic crisis Europe has known since the Great Depression—Duisenberg’s elation rings strangely anachronistic, since what the ‘nationless’ euro seems to have achieved, above all, is to undermine whatever ‘mutual confidence at the heart of our community’ there may have been at the start.

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