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Starting from the European Monetary System in 1979, Europe embarked on a process
that led to the Maastricht Treaty of 1992 and the creation of a common European
currency, the euro. A common currency among different countries is something
relatively new that has been attempted only a few times in history before (e.g., the West
African CFA franc, the Central African CFA franc, and the Eastern Caribbean dollar).
What are the advantages brought about by the euro to the countries that belong to the
Eurozone? What are the challenges? Do you think this currency union is sustainable
and will be successful going forward? Why? Why not?
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