Belyakov N.V.

The appearance of the Euro has greatly simplified the life of a person traveling from one European country to another. The Euro replaced the different currencies in nineteen countries. However, the creation of a pan-European currency is not only a change in the bank note paper used to buy goods; it also implied the creation of a European Central Bank, one for the entire Eurozone. When several countries unite into a single currency Union, each of them gives up control over its interest rate. As they begin to use the same currency, the exchange rate is abolished and there is therefore no way of adjusting their exchange rates to make their products cheaper and more attractive. There is strong evidence that the Euro has failed in its task of bringing Europe to prosperity, and the reasons why it did so are explained. Europe, according to the author, made an obvious mistake, considering that the best way to an integrated continent lies through the monetary Union of the participating countries. The author concludes that the Eurozone and the Euro, both politically and in economic terms needs to be radically reformed with the aim of preserving the structure of the European project. In this situation, it is necessary not only to reconfigure most of The European currency agreements, but also, perhaps, to completely abandon the use of a single currency.