European Central Bank: Euro helps Europe stay self-determined globally

European Central Bank President Christine Lagarde has said that the euro helps Europe stay self-determined globally.

Lagarde made these remarks in an op-ed marking the currency’s upcoming 25th anniversary, according to Bloomberg.

“Issuing the world’s second most important currency has given us greater sovereignty in a turbulent world,” Lagarde wrote in the joint article with Ursula von der Leyen, Charles Michel, Roberta Metsola and Paschal Donohoe — presidents of the European Commission, Council, Parliament and Eurogroup, respectively.

According to the article, launched by 11 countries at the start of 1999, the euro stayed an electronic currency for its first three years. The euro area now includes 20 countries, making it the payment method for some 350 million people.

“It has made life simpler for European citizens, who can easily compare prices, trade and travel,” the leaders said. “It has given us stability, protecting growth and jobs amid a series of crises.”

The euro reaching the quarter-century mark on January 1 shows the endurance of a monetary arrangement whose disintegration has often been predicted.

“With several countries currently in the process of joining the EU, we must retain our capacity to act decisively,” Lagarde and the other EU leaders wrote. “Enlarging and deepening are not mutually exclusive. But enlargement may require changes to how the EU is organised.”