On January 1, the 20th anniversary of the creation of the euro is celebrated. It dominated the currency markets and securities portfolio and suffered a major crisis, but it could not be considered as fragile because of the colossus of a larger European group.
First, it was a virtual tool used by financiers, accountants and administrators until January 1, 2002, so they share 340 million euro (euro zone) of 19 countries today.
The European Central Bank (ECB), which adopted the political realm of monetary policy in 1999, avoided the rise in prices, Although the euro inflation still marks the skin.
However, the euro is the highest reputation. 74% of the eurozone citizens believe that the single currency for the European Union (EU) and 64% for their country. According to polls published in the ECB in November, and at the same time, anti-populist movement movements gain all continents.
"The Euro is anchored by the population, although it was recognized by the anti-party parties," as it happened in Italy, Nicolas Véron, economist at the Bruegel Brussels and Peterson economist in the United States.
The euro has also strengthened community trade and is the second most used currency in the world, even though it is behind the US dollar.
Difficulty and division
But in the middle of the summer of 2012 (boreal), the only currency in history was virtually interrupted and the dislocated bank system threatened to drag the sovereign debt crisis down.
These events reveal the original mistakes of this currency: Due to lack of solidarity budgets, debt, investments and, therefore, great differences between the eurozone economy in danger, No last-minute difficulty exists between the States, etc.
The Greek crisis, in particular, shows that "the euro has pushed for repressive commitments, southern Latin countries are attacking Northward according to their liberalism (the current state of economic thinking about the economic market, developed in Germany a few decades ago), and North Latin Americans "says Eric Dor, IESEG (international trade) director of economic studies.
Mario Draghi, president of the ECB, said in the summer of 2012 he would fire, his organization confirmed that it is "possible to save the euro."
Since then, the ECB has purchased a program, based on certain conditions, the unlimited amount of debt to a country attacked on markets. From that moment on, a weapon of dissuasion was never used, but he regained calmness.
And, in order to stop the deflationary fires, the economic crisis is the result of unprecedented actions by the ECB, at a lower level of interest and to buy public debt from 2015 to 2018, totaling 2,600 million euros.
However, at a political level, there is little or nothing to correct currency mistakes. 19 countries have not yet invested in developing development inequalities or investing in economic challenges.
From clay bricks
In the 1990s, "Europe's most important economy was to bring about a single market with one currency, to bring significant changes in the exchange rate between member countries (currencies) and at a political level, bringing Germany together with Western Europe," said Gilles Moec, Bank of America Merrill Lynch's economist and former French bank officer.
These arguments were enough at the time for the euro to "sell" the population, and since then the building could not be consolidated.
According to the "minimum" reform of the Eurozone, as announced in December 2018, Only 19 member countries achieved a very limited budget instrument.
Euro-zone finance ministers, or the creation of European Monetary Fund, amongst others, the most daring ideas – have been excluded in the last 18 months.
On the other hand, "the ECB has been a bit" stabilizing the currency and banking system, Moec warns.
On the other hand, the economist Nicolás Véron is more optimistic. For him, with bank sanitation, public debt and the activities of the BZE, the euro is a colossus bigger than "brick and clay".