Euro turns five. Europe’s great experiment

One of a series of articles in this issue of Finance and Development under the theme 'Europe's conundrum', which focus on the economic challenges facing the European Union following the accession of 10 new members on May 1, 2004.

In this article, the author describes the euro area's experience after five years with a single currency. It reviews the implications of a single monetary policy for the 12 euro area countries, as well as the euro's implications for members' public finances. It also looks at the expanding role of the euro both in Europe and internationally.

http://www.imf.org/external/pubs/ft/fandd/2004/06/index.htm http://www.imf.org/external/pubs/ft/fandd/2004/06/index.htm

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