FRANKFURT: The euro, a currency shared by 19 European countries, has won overwhelming support among the 340 million Europeans since it went into circulation 20 years ago.

       The idea of a single currency for Europe, which originated in 1970 when policymakers in Europe hoped to achieve an economic equilibrium in the region, was still questioned in 2012 when Europe was caught in a debt crisis.

       There is hardly any doubt about the euro, which has emerged as a mainstay at a time when the European Central Bank (ECB) is striving for economic recovery in the eurozone plagued by the pandemic.

       While the euro enjoys greater appeal as a single currency within the block, it has yet to tap its full potential as an international currency.

       The plan to develop a single currency for Europe dated back to 1989 in a European Communities report. The roadmap for a single currency was laid out in the Maastricht Treaty in 1992. After 10 years of preparation, the first euro banknotes and coins went into circulation in January 2002.

       The euro as a currency has brought home people’s desire for cohesion in a region that has witnessed a long history of conflicts.

       A total of 11 countries decided to replace their official currencies with the euro in 1999 and later the number has increased to 19.

       The adoption of the euro has enabled eurozone countries to stabilise prices, lower transaction costs and facilitate cross-border businesses and travel.

       The euro has been met with overwhelming enthusiasm. Around 80% of citizens regard the euro as good for the European Union (EU), the European Council said in a press release.

       “On a deeper level, the euro is reflective of a common European identity, symbolic of integration as a guarantor for stability and prosperity in Europe,” it said. — Xinhua