10 years of the Euro: the currency is a triumph

European ministers met yesterday to celebrate 10 years of the European Central Bank, established after EU leaders met in Brussels and decided to launch economic and monetary union. It set 11 countries on the path to introduce the euro in January 1999 and was history in the making.

Ten years on, has that bold and ambitious decision paid off? The European Economic and Monetary Union (EMU) has certainly confounded its strongest critics and discredited dire predictions of a break-up. The euro is here to stay and, judging by extensive analysis, seems an overwhelming success.

Today, the eurozone stretches from Finland to Cyprus, its 15 members soon to become 16 with the addition of Slovakia. With a population of 320 million, EMU is the largest market in the developed world and the euro an international currency that is second only to the US dollar.