Bulletin n. 1/2009
July 2009
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • European Economy News
    ECFIN documentary: 10th anniversary of the euro
    in European Economy News , January 2009 - Issue 12 ,  2009
    1 January 2009 marked 10 years since the euro was launched. The single currency has confounded critics and doomsayers to become one of the greatest success stories of European integration. To celebrate this achievement DG ECFIN has produced a 26-minute video documentary on the story of the euro, from its beginnings as a vision in the minds of a few committed Europeans to its existence as an everyday reality for millions of people. The film draws extensively on archive footage as well as specially conducted interviews with key players in the euro’s launch and management including Jacques Delors, Valéry Giscard d’Estaing, Theodor Waigel, Philippe Maystadt and Jean-Claude Trichet, to name but a few. The first of the documentary’s four sections – which can be viewed all together or as stand-alone modules – looks back at the the stages which led to the launch of EMU, starting with the devaluation of the dollar in 1971 and the ensuing period of instability which led to the launch of the EMS in the late 1970s. Valéry Giscard d’Estaing, Jacques Delors, former Belgian Finance Minister Philippe Maystadt and others describe how they conceived and implemented first a new common monetary system to help protect Europe from destabilising currency fluctuations, and then – at Maastricht in 1992 – a step-by-step plan to create a single currency. The second module describes how the physical introduction of the euro in 2002 was planned and executed. From the choice of the name and design of the symbol – now as well known as the $, £ or ¥ – to the massive logistical operation involved in printing notes and minting coins, putting the new money into circulation and withdrawing the old, and ensuring that all members of society, including the most vulnerable, were properly prepared for the change. The third module examines the euro’s benefits for EU citizens and impact on companies. Ordinary people interviewed on the street for the documentary refer to the most obvious benefit, namely the way the euro has made it easier and cheaper to travel or do business across borders. Other benefits are greater price transparency, lower inflation, reduced interest rates, the creation of new markets, facilitation of intra-European investment, confidence in a stable currency, stimulation of growth, job creation, and so on. But in addition, as Commissioner Joaquín Almunia points out in an interview in the film, the euro acts as a shield and shock absorber in a crisis – a major advantage in today’s difficult economic circumstances. Finally, the fourth module looks at the prospects for the euro as a reference currency in the world. The euro area has already expanded from 11 to 16 members, with Slovakia the most recent addition. The sheer size of the euro area gives its members a weight on the international stage they would not otherwise have.
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