Euro Survives Crises and Doubts to Emerge Stronger after 20 Years

The euro was created in 1995 to stabilize European currencies after crises, and was launched in 1999 with 11 member countries. Now 20 countries use the euro.

The euro has survived despite predictions it would fail due to economic and political challenges. But the journey has seen mistakes and crises that nearly destroyed the euro.

The global financial crisis and Greek debt crisis in 2008-2010 threatened the euro's viability and led to fragmentation between debtor and creditor countries.

The Covid pandemic and Ukraine war forced greater solidarity and crisis responses like Eurobonds that were earlier ruled out.

The euro remains an imperfect currency union but has proven better than not having it. It continues to evolve through crises.