Roots of the weaknesses of the euro. Euro nõrkuste juured

Abstract

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