EU Parliament Marks Euro's 10th Birthday

The global crisis also has increased the allure of the currency to several countries in Europe that have never adopted it.
European Central Bank chief Jean-Claude Trichet said the downturn and banking crisis has demonstrated the benefits of the euro, which was launched on Jan. 1, 1999.
"If we had not had a common currency, then we would not have been able to act as quickly and as effectively," Trichet told the European Parliament. "In turbulent times, it is better to be in a large and steady ship than on a little vessel."

Joaquin Almunia, the EU's economic and monetary affairs commissioner, said the euro now had the "deserved reputation for strength and stability" that helped provide safe shelter for euro-zone countries in wake of the recession.
Almunia credited the euro with the creation of some 60 million new jobs over the last decade by making trade and travel easier through the EU's single market. The euro also has led to more foreign investment.

With the inclusion of Slovakia, which became the 16th euro-zone member earlier this month, the euro is now used by 330 million people with a gross domestic product of more than 4 euros trillion ($5.4 trillion).
Euro countries now enjoy a bigger and more efficient bond market with less risk of currency devaluations and inflation.
However, Trichet listed several challenges which the euro-zone economy had to get through to turn around the economy. He pushed EU governments to back reforms of international financial institutions and regulations and to ensure they keep budget spending in check.

The ECB chief was joined by top EU officials and leaders to commemorate the anniversary at the EU assembly.
Lawmakers at the European Parliament were the first in the EU to promote a single Europe-wide currency in the 1960s.
The road to the launch was long, with European countries hesitant to trade in their national currencies for an untested one.

French and German leadership combined to propel 11 member states to launch the euro on financial markets on Jan. 1, 1999.
Euro bank notes and coins were rolled out two years later, and five other EU states have since signed up to the currency, which now stands as the second most influential world currency, after the U.S. dollar.

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