Summary
2008 marks the tenth anniversary of the creation of the European Central Bank (ECB) and the setting of conversion rates between the currencies of the original participating countries of the eurozone. Since then the euro has been introduced in fifteen Member States with negligible transition costs.
This Report, 'The Euro'
(HL 90), examines the structure and governance of the eurozone institutions and developments in the eurozone economy in the past ten years.
The Report also examines the management of inflation, impacts on trade and economic growth. The primary conclusion is that the young currency has made a positive start to its life but that, based on the experience to date, it is too soon to state what the future holds.
Other conclusions made by the Committee include:
- The ECB has gained public acceptance and market credibility, has run a credible price-stabilising policy in the euro area and is performing its primary role of maintaining price stability effectively.
- The introduction of the euro has been a major influence on increased trade both within the eurozone and with other countries, and it has stimulated integration in parts of the capital market.
Found this story interesting?
Spread the news by
clicking below to add it to your bookmarking service: