That he was forced to do so reflects the cracks which appeared during the economic crisis and the fact that the euro is still an unfinished project. The founding of the single currency and a single central bank was indeed a landmark moment for the EU and has delivered significant gains for businesses and consumers. However, as moves towards closer integration floundered in recent years, the crisis exposed the euro’s fault lines. The euro zone includes diverse economies subject to different cycles and has no large central budget. Work remains to be done to underpin the euro’s future – and in the current political environment this will not be easy.

Source: The Irish Times January 05, 2019 00:11 UTC