When the European Central Bank was created on June 1, 1998, and the euro was introduced on January 1, 1999, the project of a European Economic and Monetary Union (EMU) finally became reality after a long process of monetary cooperation and unification. As the euro celebrates its 20th anniversary, it is worthwhile to take stock of this major institutional reform and explore what the future holds for EMU. After a brief look into its general history, we will discuss in more detail how EMU brought about the level of monetary, financial and fiscal stability that allowed Europe to master adversarial events such as the Global Financial Crisis and its aftermath. We will also examine the role EMU plays in the larger European project. What are the steps yet to be taken to fully complete this historical project? Moreover, we will analyze how to tackle technological changes in the areas of money and finance.
Ernest Gnan, Counsel to the Board, Head of Division, Economic Analysis Division, Oesterreichische Nationalbank and SUERF
Martin Summer, Head of the Economic Studies Division, Oesterreichische Nationalbank