The euro: an evolving project
Now more than 20 years old, the euro is the second most important and trusted currency in the world. Support for the euro is very high among Europeans. All EU countries except Denmark are obliged to adopt the euro once they fulfil all conditions. A number of EU countries hope to participate in Europe’s single currency in the future and will be welcomed when they are ready. The euro area accounts for 85% of the EU economy. In a fast changing international environment Europe can only keep its economic strength and social safety net with a strong single market and a strong currency.
Safeguarding the benefits of the euro
To ensure that the euro continues to benefit all Europeans, EU countries have agreed to follow a roadmap laying out the route towards a deeper and fairer Economic and Monetary Union. This calls on EU countries to improve the way their financial markets and economies work together, to make sure that all countries implement sound fiscal policies and that economic imbalances are reduced, and to strengthen the democratic accountability and governance of its policy making.
In response to the Coronavirus emergency in 2020, EU institutions and Member States mobilised all means at their disposal to counter the crisis and promote a sustainable and inclusive recovery. Some of the measures launched have been unprecedented in scope and size, and are a true expression of EU solidarity.
Exploring a digital euro
The Commission and the ECB are currently investigating whether to create a digital euro. A digital form of central bank money would offer greater choice to consumers and businesses. Given its potential as an innovative and safe means of payment, a digital euro could support the EU’s digital transition with possibly new financial services and also increase the international role of the euro.
Your role in the future of the euro
Find out for yourself about what’s next for EU economic governance.
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