For much of this year, eurozone policymakers have been congratulating themselves on the single currency’s 20th anniversary. The fact that it has survived amid all the predictions of its imminent demise has been greeted as a cause for celebration. Yet there is one sense in which even they cannot deny that the euro has been a disappointment. Back in the early days, many hoped that the euro might one day rival the dollar as a global currency. It hasn’t worked out that way.

Source: The Times February 28, 2019 00:00 UTC