Ten years on from the introduction of the single currency, the European Economic and Social Committee (EESC) decided to take stock of the benefits brought by the euro for individuals and businesses: not so much the economic and monetary benefits — for there are economists, politicians and media commentators to do that — but rather from the point of view of users. In other words, a decade of experience has shown that the euro has proved its worth and that the introduction of this prestigious, stable currency has enabled Europe to hold its own internationally, but how do users see the single currency?

The benefits of the euro, according to results and official views are:

• A European identity: the euro is its the main, most tangible driver.
• The euro is an international price comparison tool and boosts competition.
• It eliminates exchange risks and currency transaction costs.
• It is no longer possible to use currency devaluation as a lever for competition measures or to adapt commercial strategies when devaluation seems likely.
• Euro zone countries are better protected against external shocks.
• The euro has helped to moderate inflation and interest rates (inflation risk premiums have also played some part in lowering interest rates).
• The euro is a driving force for growth and jobs under the Lisbon Strategy.
• Europe now plays a leading role in monetary policy and the euro has become an established reserve currency;
• The euro is a driving force for stability in the international economy.
• The euro has greatly facilitated and cut the cost of tourism and travelling for work purposes, especially within the euro zone.

The decision to adopt the euro has shaped the European Union’s development over the past decade. Both within our borders and beyond, the euro is a symbol of European integration and is used every day by 320 million citizens in fifteen Member States.

With the completion of a full economic cycle and the need consider the challenges which economic and monetary union will be facing over the next ten years, the Commission has published a communication that concluded that the euro is a resounding success.