The single currency has brought economic stability to the euro zone, but has failed to deliver growth. This was the message delivered by Economics and Monetary Affairs Commissioner Joaquin Almunia at a conference in Amsterdam on Monday to assess the euro's first five years. "Overall, EMU [economic and monetary union] has succeeded in delivering macroeconomic stability, but it has not yet delivered economic dynamism," said Almunia.
He blamed the lack of dynamism on the inflexibility of the euro zone's product and labour markets. Despite these problems, the euro was hailed as "the second most important currency on the international market" and Mr Almunia noted that about 50 countries have an exchange rate regime linked to the euro.