Brussels - The European Union's single currency, the euro,
is a resounding success, but it needs more support at home and more
influence abroad, the EU's top monetary official said Wednesday.
Officials say that the euro has brought stability, growth and
security to Europe, but critics accuse it of creating sudden price
rises and of failing to take into account the differing economic
circumstances in the countries which use it.
The single currency, the idea for which was approved by EU leaders
10 years ago this month, has been an 'unarguable political and
economic success,' but its public image 'does not always enjoy the
reputation it should do,' EU Economic and Monetary Affairs
Commissioner Joaquin Almunia told members of the European Parliament.
Moreover, while the euro has become the world's second reference
currency after the dollar, the countries which use it have not yet
created the 'solid external presence which would allow us to punch
our weight on the world stage,' he said.
As a result, it is 'absolutely necessary' for the countries which
use the euro to have 'one single presence' in international financial
bodies, and for the EU's institutions to 'communicate better with the
public so that citizens will be aware that the euro has genuinely
brought them real advantages,' Almunia said.
The euro is currently used in 15 EU countries with a combined
population of 320 million. On Wednesday morning the European
Commission and the European Central Bank gave Slovakia the green
light to join the club in January.
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