As the euro reaches its 25th anniversary, is it now invincible?

The single currency once dismissed as the ‘Deutschmark in disguise’ has achieved the kind of stability few economists ever thought possible, weathering every financial crisis that has engulfed it. But key tests still lie ahead, writes Chris Blackhurst

The highest-value euro banknote, the €500, became known as the ‘Bin Laden’, as it was popular with money-laundering terrorist organisations. It was phased out in 2016 (AFP)

Based on the criteria set by its proponents, the euro is a success. As the currency reaches its 25th anniversary on 1 January 2024 (it was launched in electronic form in 1999, with notes and coins introduced three years later, in 2002), the anniversary should be a cause for celebration.

The euro is the number two reserve currency in the world, behind the US dollar. In that time, it’s achieved a level of stability that few thought possible. Increasingly, businesses around the world that trade with Europe are willing to accept prices quoted in euros.

Where previously there could be wild fluctuations in individual currencies, making them vulnerable to market attacks from speculators, now there are none. The single currency has created calm and security. A digital version is on the way.