Conclusion: An efficient and legitimate EMU?

In 2008 celebrations occurred in both Brussels and Frankfurt in honour of the tenth anniversary of Economic and Monetary Union (EMU) and the European Central Bank (ECB). Although the major success of creating a new currency that has become the second most important in under a decade was justifiably emphasized, monetary union also had some disappointments and unexpected surprises. Weak economic growth in the Eurozone, economic divergence among Member States, and the slow pace of structural reforms have frustrated EMU’s potential. Public scepticism in many states towards greater integration, including monetary integration, remains significant.