The Union That Never Was

The European Single Currency or “euro” has been in circulation in seventeen European countries for ten years and a few days now. Introduced on 01 January 2002 with national currency coins and notes phased out until 28 February 2002, the “euro” replaced all previously used currencies throughout EMU countries (European Monetary Union). To be found in people’s wallets doesn’t mean that something is a real currency though. Surprising as it was in 2002, that thing appearing to be a currency at first sight lacked a vital ingredient of a working currency: a correspondingly unified bond market. During the run-up to...