#OnThisDay at midnight on 1 January 1999 the Euro was introduced in non-physical form.
The Euro is the first common currency in Europe since the coins issued by the Roman Empire2 and it took no long and bloody conflicts this time.
A vision of peace led to the vision of the common economic future. Like any currency, it has ups and downs, but overall it is safe to say it contributed to the economic stability.
By definition a single currency means that all countries participating will take an interest to keep it stable which in turn means closer cooperation between the countries. And close cooperation in the interest of keeping the currency stable and economy thriving meaans those countries are far less likely to go to war. No war means peace for the continent.
Some don't understand all the talks about peace and would say - so, even if the common currency increases cooperation and provides peace between the nations, it is not worth to have it for this reason alone. And in many cases this sentiment then transfers to the entire EU itself.
For them, the economy might be the best argument for the EU and the Euro. Take a look at this video which should make it clear that in our new world EU countries cannot hope to make any difference alone.
World GDP by Country from OTUS Group on Vimeo.
Common currency also greatly contributes to keeping the prices of goods stable. Not only that, but humanity has learned from the times of Roman Emperors that when currency has sufficient backing behind it, the trust grows and economic transactions increase which leads to the greater GDP and the ability to compete economically with the US and China. And it seems impossible to say that independent nations' currencies can be more resilient than the common currency where many countries work together to preserve the stability.
If the world is to meet the challenges of the 21st century it should come together to work on them. While the EU is not without its problems, the entire World would be wise to learn some lessons from it.
- The benefits of the euro
- Roman currency
- How a Common Currency Helped Europe Achieve Peace
- History of the euro