Is There a New Momentum for the Development of the Euro?
Is There a New Momentum for the Development of the Euro?

Author(s): Kaloyan Simeonov, Slaveya Vasileva
Subject(s): Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, EU-Accession / EU-DEvelopment, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Euro Area; single currency; international role of the euro
Summary/Abstract: After the establishment of the euro in 1999, the single currency became the second most important currency in the global markets. However, the euro has never been the single currency of the whole EU as there are always Member States of the Union that do not belong to the Euro Area. In the paper we will argue that there is a new momentum for the development of the euro both internally at EU level and globally. The internal development of the Euro Area has two main dimensions – current Euro Area enlargement as well as financial and EU economic reforms that are targeted specifically to the Euro Area. The global development of the euro is linked with the current global political and economic challenges. Last but not least, the development of the digital euro will also increase further the role of the single currency inside and outside of the EU.

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