FRANKFURT — The euro is about to celebrate its 20th birthday, but the countries that use it are still wrestling over how the shared currency should work and how to fix flaws exposed by the debt crisis that marred its second decade.
The shared currency, launched on Jan. 1, 1999, was seen as a solution to the constant quarrels over exchange rates that had marked European politics after World War II. Britain, notably, opted out, but today 19 of 28 EU countries use the euro.
The euro is credited with increasing trade between members. But countries have struggled to adjust to trouble after giving up two big safety valves: the ability to let their currency’s exchange rate fall to boost exports, and to adjust their own interest rates to stimulate business activity.
The Associated Press
