A common currency for Europe – with the introduction of the euro more than 20 years ago, that vision became reality. More recently the monetary union was put to the test during the European sovereign debt crisis. And while the perspectives for the euro zone as a whole are better than they have been in a long time, major reforms are on the horizon. In addition, an expansion of the common currency to all EU member countries is being debated. As a result the new chairman of the Eurogroup, Mario Centeno, already has his work cut out for him.
Eurozone
Many states, one currency
Dutch ‘preachers and salesmen’ lead EU frugality drive
The Netherlands will be at the centre of upcoming talks over European spending on the coronavirus crisis, driven by a mix of traditional Calvinist frugality and political reality, experts say
Eurozone economy to crash 8.7% in 2020: EU forecast
The eurozone economy will plunge 8.7% in 2020 due to the coronavirus crisis, the European Commission said in more pessimistic forecasts that do not see a complete rebound next year
European banks team up to offer alternative to Visa, Mastercard
European banks have teamed up to deliver by 2022 a new unified payment system that will offer consumers cards and digital wallets that could offer a serious alternative to Visa and Mastercard
Merkel’s legacy at stake as Germany takes EU reins
Germany has taken over the European Union's presidency, with Chancellor Angela Merkel staking her legacy on a massive economic recovery plan to help the bloc with the coronavirus fallout
Europe boosts aid to virus-hit economies as UN seeks ‘people’s vaccine’
The European Central Bank has ramped up efforts to help its coronavirus-hit economies as the UN's chief called for a "people's vaccine" to battle the pandemic
French-German recovery plan faces tough Brussels test
The road to clinch an EU recovery plan remains difficult, officials have warned, despite the surprise entente between Berlin and Paris to back a 500 billion euro rescue