Roots of the weaknesses of the euro. Euro nõrkuste juured

Mart Sõrg, Nadežda Ivanova


The aim of the euro was to speed up the integration process and economic
development in Europe. History of euro showed us that these optimistic goals have
been only partly fulfilled. This modest result has several essential roots. Our
research showed that Europe have not been and is even not today the optimal
currency area. The architecture of the EMU was incomplete: in building up it was
not given enough power to ECB, also were underestimated vitality national interests
in member states. Therefore common interests in euro area were not enough
protected. Last global financial and economic crisis showed clearly main
weaknesses of euro and enforced to start to liquidate them. We conclude that resent
reforms and enlargement of the EMU (Estonia) probably will strengthen this union


European Monetary Union; European Central Bank; international monetary arrangements; budget deficit and dept

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