Jump to ContentJump to Main Navigation
The Euro Crisis and Its Aftermath$
Users without a subscription are not able to see the full content.

Jean Pisani-Ferry

Print publication date: 2014

Print ISBN-13: 9780199993338

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780199993338.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 April 2021

The Orphan Currency

The Orphan Currency

(p.38) Chapter 5 The Orphan Currency
The Euro Crisis and Its Aftermath

Jean Pisani-Ferry

Oxford University Press

The euro, when launched on January 1, 1999 should have had the staunch support of all the countries that joined the endeavor. However, despite having fought to secure the project’s fate and their countries’ qualification, Europe’s leaders gave the impression that the currency they had created was not really theirs when the European Central Bank took over responsibility for monetary policy in 1999. Most of the promoters of the common currency had hoped that it would lead to substantial changes in the distribution of competences, to strengthened economic governance and policy coordination, and common political institutions. Instead, the euro was born an orphan currency, having been forsaken by the greater European project that gave it meaning. Although the technical preparation and the transition to the new currency was flawless, many countries did not pay attention to their ability to function in a monetary union, and what this would require in terms of adapting economic policy.

Keywords:   euro, Maastricht Treaty, European Central Bank, monetary policy, Europe, European Exchange-Rate Mechanism, monetary union, Finland

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .