While many celebrate the new decade today, or sleep off their celebrations from last night, others will look back at what is now the 21st anniversary of the launch of Europe’s common currency, which not only ushered in the official currency of the European Union, but also established shared monetary policy for the bloc through the European Central Bank.
The euro was not a particularly prominent feature of the Brexit debate, as the UK was one of two member states legally exempted from its adoption (though it may not have been exempted in future from financial responsibility for EU bailouts, had the UK voted to remain in 2016).
But as some already begin to talk about rejoining the European Union – and as Scotland’s First Minister Nicola Sturgeon calls for a second referendum on Scottish independence, offering to apply to re-join the EU as an sovereign state if a vote to leave is upheld – the euro, and the role it could play in the UK’s future, remains worryingly relevant.
While the UK and Denmark managed to secure a full opt-out from the euro currency, very successful economies like Sweden have not.
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