Starting from the European Monetary System in 1979, Europe embarked on a process

that led to the Maastricht Treaty of 1992 and the creation of a common European

currency, the euro. A common currency among different countries is something

relatively new that has been attempted only a few times in history before (e.g., the West

African CFA franc, the Central African CFA franc, and the Eastern Caribbean dollar).

What are the advantages brought about by the euro to the countries that belong to the

Eurozone? What are the challenges? Do you think this currency union is sustainable

and will be successful going forward? Why? Why not?

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