Euro hailed for stabilising role

They have been celebrating the euro’s tenth anniversary at the European Parliament in Strasbourg where the single European currency was praised as a beacon of stability.

European Central Bank President Jean-Claude Trichet said that having a common currency has helped in these times of financial turmoil: “I believe that we can be proud of the reaction of European authorities, parliaments, governments and central banks. Together we have shown that Europe is capable of taking decisions, even in the most difficult circumstances.”

Over the decade it has been in existence the euro has been in and out of favour on the currency markets.

Currently it is strong against the pound, but down from its all time highs against the dollar on the expectation that the ECB will cut interest rates further this week.

EU Economic and Monetary Affairs Commissioner, Joaquin Almunia, said the euro had a “deserved reputation for strength and stability” while Eurogroup President Jean-Claude Juncker said it had protected the euro zone from the worst effects of the financial crisis.