Celebrating 25 years of the euro: a retrospective and future outlook

Twenty countries, one single currency: the euro is celebrating 25 years of existence, after weathering the storm of various crises and a global pandemic, and becoming one of the world's most important currencies.

This anniversary provides an opportunity to assess how the eurozone navigated these challenges and implemented reforms to ensure the stability of its currency, while also considering the achievements and perspectives ahead.

So, why was the euro created in the first place, and how did the currency survive the numerous challenges it has faced? 

Real Economy spoke to the former President of the European Central Bank (ECB), Jean-Claude Trichet, about some of the milestones that have marked the history of the single currency.

"The creation of the euro is the need to have a real single market, a true single market," he explained.

"It was truly a major decision, but also a kind of assertion, a declaration of the existence of a united Europe. And, what we proved is that, indeed, Europeans were capable of creating a serious, strong currency. 79% of Europeans in the eurozone approve of the euro. For me, that's the most beautiful of rewards."

Reflecting on his time as President of the European Central Bank, Jean-Claude Trichet revealed that "two very intense periods" had left the most significant impression on him.

"The financial world was collapsing after the bankruptcy of Lehman Brothers, and it was necessary to make a multitude of extremely important decisions very quickly. It required considerable effort.

"Then there was the period of May 2010, which marked the true beginning of the sovereign debt crisis in Europe. Five European countries in total, during my time, were placed in a very difficult situation. And this required, I