The euro made Europeans “stronger” 20 years ago, says Christine Lagarde

The President of the European Central Bank, Christine LagardeHe said on Friday that the euro made Europeans “stronger” in the face of crises, especially during the pandemic, when the 20 years of the fiat euro are commemorated.

“There is no doubt that we are stronger thanks to the euro”says Lagarde in an article published in several European newspapers, including the Frankfurter Rundschau in Germany, the Corriere della Sera in Italy and La Provence in France.

Twenty years ago, millions of Europeans in twelve countries abandoned their lire, their francs and their drachmas for the euro.

Symbol of European unity, but with economies far from having converged at the same level, the new currency has suffered serious crises that endanger its survival.

However, “the recent economic shocks would have been even harsher without the stability and integration that the euro has given to our single market,” says the Frenchwoman.

In particular, the single currency played “an essential role in coordinating responses in Europe” since the outbreak of the Covid-19 pandemic.

The governments of the Member States spent huge sums to support stagnant economic sectors, while the European Central Bank strove hundreds of billions of euros to maintain good financing conditions in the economy.