Greece in the Eurozone: An Evaluation of the First Two Decades

Abstract

On the 31st of December 2021, the euro celebrated its two decades in circulation. Initially, twelve countries adopted the euro as their new national currency, Greece being one of them. Starting in 2020, euro is the official currency of nineteen European Union countries. This paper aims to examine three issues. Firstly, the paper investigates Greek people’s perception about the euro, using data from the recent issue of the Eurobarometer (December 2021). Secondly, the economic performance of Greece is briefly examined by comparing the Greek Gross Domestic Product (GDP) two decades before and two decades after the introduction of euro. Finally, the Greek participation to the eurozone has been a controversial, political issue. The political developments in Greece during the first two decades of the euro are also studied, emphasizing the dramatic political events after the double elections of 2012. The period of the two decades ends with the detrimental impact of COVID-19. This issue is also mentioned by reviewing some recent publications. Keywords: Eurozone, Greece, GDP, per capita GDP, Eurobarometer, euro, elections, politics