By European Commission, 2017
The euro is a great achievement, strongly supported by Europeans. But it is still far from perfect and is in need of reforms to help it deliver even better for all of us. This requires political determination, leadership and courage. Important lessons have been drawn from the past fifteen years and the economic situation is improving. However, it would be a mistake to consider the status quo as satisfactory. The euro is neither the origin of nor the only solution for the challenges faced today by Europeans. Yet, the euro creates specific opportunities and responsibilities of which we must be fully aware. In a globalised world, it provides us with benefits that national currencies and economies alone could never do. It protects us against global volatile exchange rates and is a strong player on the global currency markets. It oils the engine of the EU internal market. It is the best insurance policy for our savings and pensions against inflation.
There is by now growing awareness that further steps towards completing the Economic and Monetary Union are needed. To guide the work ahead, it is important first to agree on the objective and guiding principles for the way forward. The objective should be obvious: the euro needs to strengthen its role as a source of shared prosperity, economic and social welfare, based on inclusive and balanced growth and price stability.
