One currency for one Europe e purpose of Economic and Monetary Union and the euro is to allow the European economy to function better, bringing more jobs and greater prosperity for Europeans.

The euro is the tangible result of EMU.

The single European currency has made European integration irreversible.

Devaluation is not an option because of the common currency.

Its single currency, the euro, came into being on 1 January 1999

The European Union has a single currency, but what about a single language?

A single currency also means a common exchange rate relative to other currencies, which, for any country within the euro zone, precludes a natural market response to a chronic trade deficit.

Unless they do, it is difficult to see how the common currency can survive.

Even the common currency has so far not really caught on it is useful, but somehow foreign.

The Nobel laureate Robert Mundell laid out the conditions under which a single currency could work.

To the surprise of many, Europe demonstrated great determination to ensure that the single currency became a reality.

The euro area has one currency with one monetary policy and independent, centralised decision making.

The single currency the euro removes these disadvantages and brings benefits to both consumers and businesses.

The European single currency has been a major success, but it remains a work in progress.

CAMBRIDGE Now that the Euro has arrived, so what? It is useful to review what it can be expected to do.

Harvard economist Martin Feldstein, indeed, believes that the single currency will be a political impediment to reform.

The good news is that economic research does have a few things to say about whether Europe should have a single currency.

We have a common currency for eight of the eastern Caribbean countries, called the Windward and the Leeward Islands.

European believers insist that the single currency is really founded on the strong political will to secure eternal peace in Europe.

Europe today has a common currency and the European Central Bank (ECB), which have proven to be bulwarks in defending monetary stability during the financial crisis.

First, there is no substitute for timely and coordinated action when the single currency is under pressure.

A still relatively young institution and the common currency that it manages has quickly gained public and global confidence.

But it is hard to see how the single currency can survive much longer without a decisive move towards a far stronger fiscal union.

Blessed at the start with a very low inflation rate in the euro area, the common currency soon faced a series of one off shocks.

The sad news, however, is that as the structure of the Union (for example, the single market and the single currency) has been put in place, the spirit of unity has died.

Aftermath Even after its final dissolution, a single currency, the British West African pound, was in effect throughout the region including Nigeria from 1907 to 1962.

Currency

Trading Currency

Currency

Currency options

To keep the eurozone intact, regardless of the cost, became Europe s only viable option once the single currency was adopted.

The most obvious reason that a country might choose to withdraw is to escape from the one size fits all monetary policy imposed by the single currency.

One Europe

One Europe.

United Russia ...

One united nation.

Although the single currency was supposed to bring unprecedented prosperity, it is difficult to detect a significant positive effect for the eurozone as a whole in the period before the crisis.

Currency of payments

Currency of accounts

Set base currency

New currency

Base currency

Even before it was born, some economists (such as myself) asked whether a single currency would be desirable for such a heterogeneous group of countries.

A currency that uses a floating exchange rate is known as a floating currency.

Chanting One united nation.