On 1 January 1999 eleven EU Member States adopted a new currency – the euro. The introduction of the euro was a remarkable feat in the history of European monetary, financial, economic and political integration. It was an event of worldwide significance. Despite much criticism and predictions that it would quickly collapse, the first decade of the euro has been a remarkable success. The euro area has now expanded to sixteen members with a combined population of 326 million and contributes 16% of global output.

This book is the first to provide a wide-ranging strategic review of the first decade of the euro. Written by an impressive line-up of academic and professional economists, it is an invaluable reference for scholars and policy makers who wish to know more about the successes and failures of the euro and the challenges that lie ahead.