És viable l'euro?

The euro constitutes a complex and risky project. There are no precedents for the set up of a single currency for a group of politically diverse States structured solely by the bonds of a supranational integration process. Yet, it is a project long matured, born in the Sixties and that on 1/1/99 became a fact. During these two first years of life the euro has become the monetary unit of eleven out of the fifteen member States of the European Union. In this document sorne relevant aspects of the single currency are reviewed in the light of the experience of this first period: the strategy of the monetary policy, the performance of the European Central Bank and the exchange rate.