In May 1998, irrevocable conversion rates for the currencies that would be merged into the euro were implemented. In a sense, this makes the single currency just over 20 years old. The first decade of its life had the feeling of a party, particularly in southern Europe; but the second decade brought the inevitable hangover. Now, as we enter the third decade, the prevailing mood seems to be one of increasing political radicalisation. The original party was a cornucopia of cheap credit, which capital markets happily issued to the countries of southern Europe under the protection of the euro. For a while, these ... (full story)