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With their common currency, the Europeans embarked on an experiment in 1999 that is unique in the history of money. It was preceded by numerous attempts to complement the advancing political integration since the 1950s with monetary integration. Today's currency union does not mark the end of this development. As long as the economic policies of the member states do not better support the ECB's monetary policy, European capital markets remain fragmented, and key EU members refrain from adopting the euro, this historic project remains incomplete.
About the author
Stefan Schäfer is a Professor of Economics at RheinMain University of Applied Sciences in Wiesbaden. Dr. Ann-Stephane Schäfer is a Senior Lecturer in Business English at Mainz University of Applied Sciences, Germany. Cory S. Wanek, M.A. is a Professor of Economics at Waukesha County Technical College in Wisconsin, USA, and at the University of Applied Sciences Vienna in Austria.
Summary
With their common currency, the Europeans embarked on an experiment in 1999 that is unique in the history of money. It was preceded by numerous attempts to complement the advancing political integration since the 1950s with monetary integration. Today's currency union does not mark the end of this development. As long as the economic policies of the member states do not better support the ECB's monetary policy, European capital markets remain fragmented, and key EU members refrain from adopting the euro, this historic project remains incomplete.
