We think the idea of common currency is good, but not every country profit from it. The basic idea of common currency and also inception of EU was to create a ''free'' area. Where can everybody buy and sell without customs, you know money problems. If you don't have any money, you can't buy anything, you have to wait until you earn some money. So the key thing was - time - at the beginnig.
We think, that the Euro will be stronger in the future, and it will be used in more and more countries. Maybe the country lines will be cancelled - about this viewpoint. Those countries, who couldn't perform the EU's conditions, and don't use Euro, will introduce it. But, if a lot of developing or poor countries join to the EU, they will destroy it. Some people think that the Euro will disappear in the future... We aren't sure what will happen, because the economic situation is very variable.
Authors: Adam Nocar (Czech Republic), Angelika Demkó (Hungary), Zsofi Kerchner (Hungary)
A single currency cannot work in different member states. Each economy of each member state are very different, with wage levels, Goverment cost's etch. The Euro has been a huge failure however the EU refuse to give up on it.
04.05.2013, 17:33 o'clock
talking about Euro: breaking news! The Europa series is being introduced across the euro area as of 2013. The new banknotes are to be introduced gradually over several years, in ascending order. The denominations remain unchanged: €5, €10, €20, €50, €100, €200 and €500.
On 10 January 2013 Mario Draghi, President of the ECB, unveiled the new €5 banknote at the Archaeological Museum in Frankfurt am Main. The new €5 banknote came into circulation on 2 May 2013 (yesterday though!).
The ECB and the national central banks of the Eurosystem are conducting an information campaign about the Europa series and the new €5 banknote. It aims to help the public recognise the new note and its security features.
03.05.2013, 11:51 o'clock
A single currency is indeed a good thing in theory, but it doesn't vouch for eternal problems-free economy. The currency is a tool only, and tools needs to be used correctly in order to be effective.
As the euro-crisis has shown, this tool was not being used correctly by some countries; but, at the same time, the optimum conditions for the single currency were not in place either.
Now it seems that we all know that a single currency needs a true economic union in order to be effective (including a fiscal union and a banking union, for instance).
The success of the single currency will depend on our capacity to achieving a true and well-functioning economic union within a reasonable time. If we succeed - as I hope we will - I am confident that not only more countries will join the Euro, but also that we will all benefit a lot more from the single currency.
03.05.2013, 10:26 o'clock
The common currency is necessary for EU. If we want to have strong euro, we need strong economical nations. This is the reason why it is very important to enhance the power of the states with weak economy. We can reach this aim, if the states in EU have common political will, common leadership, in that way, that the national interest should damage the less. The EU hasn't an other possibility.
02.05.2013, 22:15 o'clock
I agree with you that the single currency was intended to create a "free area" and to promote the integration of the continent. And it actually made things easier for the people and the companies as well, as volatile exchange rates pose risks when they trade with companies from other european countries. So the intention was also to promote trade and efficiency in the european supply chains.
I would like to share your modest optimism about the future of the Euro, but unfortunately I can´t, as I don´t see it becoming stronger. The causes of the eurocrisis are in my perception still not even discussed in brussels and berlin.
Some people also argue that if one country leaves the euro, many more will quickly follow and let the eurozone collapse eventually.
But maybe I´m too pessimistic ;).
02.05.2013, 21:16 o'clock
Using Euro, or common currency permits people to buy things in other countries without having to change currency. This is also be beneficial, since the exchange rates don't matter in this scenario.
However, there most likely are companies or certain individuals that make a living off the exchange rate differences and changes, so implementing common currency might not serve the benefit of all people, and they might react in different ways.
Also, by the things the media airs towards us, I get the impression that changing the country's currency is actually a quite hard and cumbersome process. The requirements of being allowed to use Euro are difficult to reach for smaller, not rich countries. Therefore it will take a LOT of time to introduce Euro in more and more countries, but it is not impossible.
01.05.2013, 18:54 o'clock