Communication from the Commission. The euro area in the world economy – developments in the first three years

This issue, as the final number of this series, presents the Commission Communication adopted on 19 June 2002, which notes that the introduction of euro notes and coins at the beginning of 2002 was a landmark achievement in the history of European integration. The benefits of Economic and Monetary Union (EMU) have been felt already for some time. EMU is based on a commitment to sound macroeconomic policies, which have helped to create a new culture of economic stability in Europe. In turn, this has enabled Europe to weather the recent slowdown in the world economy. Furthermore, thanks to the euro, the kind of damaging intra-European exchange rate tension that often characterised previous episodes of adjustment to external shocks has been avoided. With the euro in place, the citizens of euro area countries can now look forward to the benefits of increased price transparency, more intense competition in the market place and greater financial integration in Europe.