IS THE ADOPTION OF THE EURO A STORY OF SUCCESS OR FAILURE? AN ASSESSMENT UNDER ECONOMIC AND POLITICAL REFLECTIONS

The Maastricht Treaty, officially known as the Treaty on European Union, is one of the major elements of the great economic, political and legal integration movement in Europe. With this Treaty; the European Union was established, concept of European citizenship was generated, a common foreign and security policy was formed, a closer co-operation in police services and judiciary in criminal / legal matters was agreed, eventually the Economic and Monetary Union and the single European currency “the Euro” was created. With the creation of the Euro and the Monetary Union, economic, political, commercial and social characteristics of the Eurozone member countries, Europe-based global companies and lives of approximately 500 million Europeans were radically changed. Even, some of changes and effects of the Euro seem negative, harmful or disruptive from a perspective ; the merits and advantages of it clearly outweighs those disadvantages and drawbacks, particularly, by considering its impacts on inflation, levels of public debts, interest and exchange rates, global prestige and position in international markets, persuasive power upon other countries and the role for implementing the idea of the great integration of Europe. Overall, at the 20th anniversary of the adoption of it, evaluating the Euro as a story of success despite of its all drawbacks and disadvantages will be a rational and righteous statement.