Policy Insight 126: The first 25 years of the euro
One quarter of the century is an important milestone for the euro. The ‘greatest
monetary experiment’ in people’s memory has developed through its teething problems in the first few years, the deep crisis that marked its adolescence in the 2010s, the blow of the pandemic and a war at its doorstep in its 20s. It is currently recovering from a destabilizing inflation crisis. How can one envision an adulthood phase for Economic and Monetary Union (EMU) in the years to come? Can the euro area rely on a collective maturity of judgement, of the type that can develop when living through testing experiences?