The introduction of the Euro has consequences on the macroeconomic and microeconomic scenes. First of all, it implies the existence of a monetary reference area, including several states, due to be enlarged : the Euro zone. It also implies that the inhabitants of the Euro zone get used to a new currency as well as a new value referential ; this will be facilitated by the manipulation of coins and notes. Price level should be maintained : in other words, the inflation risks linked to the (...)  lire suite

On the long run, Euro sustainability relies on the results, which will be obtained for growth and employment in the area’s national economies. Euro can suffer from contradictions between its economic basis (dogmatic independence of the Central Bank) and its political aims (United States of Europe, built on a federal model). Euro complete achievement was allowed by positive results, stemming from the initial fall of its exchange rate, which led to a strong unemployment decline from 1998 to (...)  lire suite

This article describes the historical evolution which led to the creation of the Euro. It presents the reasons why a single currency has been launched in Europe and it analyses the consequences of the Euro in two fields : the implementation of macroeconomic policies and the working of the international monetary system. The conclusion of the article is that the monetary organization in Europe is unbalanced and has not been completed. This conclusion raises the crucial problem of the (...)  lire suite