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would-be members whose currencies are already pegged to it, to countries like Montenegro and Kosovo whose effective national currency is the euro. France's former African colonies also peg their common currency to Europe's. That means around 500 million people rely on the euro or euro-pegged currencies.
European on Monday. "To put it simply, the euro works."
Before the euro, a financial crisis in Europe went hand-in-hand with currency woes: a run on weaker currencies, heavy intervention by central banks and finally a collapse of the parity system. "I've lived through currency devaluations, and they are fraught with anxieties," says Hans Martens, chief executive of the European Policy CentreCommission President José Manuel Barroso credits the euro for delivering lower inflation, lower interest rates and greater price stability, and helping create 16 million jobs. More immediately, the euro is shielding member states in this time of economic turmoil, preventing a currency crisis in addition to the credit crunch. "The euro is sheltering Bues from the exchange rate volatility which has battered them in previous downturns," Barroso said