The Unifying Role of the Single Currency

Abstract

Perhaps the single most tangible symbol of the European Union is its single currency, the euro. Within the European Economic and Monetary Union, it was seen as a tool to ensure that European integration would be truly irreversible. However, the euro has also contributed to cleavages and asymmetries. This article reviews whether the euro can fulfil the unifying role envisioned for it, examing the importance of the euro in four crucial European relationships.