Euro25 : where has the euro area been? : where does it go from here?

When it comes to the euro, policy makers should not follow the expression: "if it ain't broke, don't fix it". A review of the first 25 years of the euro suggests that mistakes were made. Yet, the ECB has also been remarkably adaptable under difficult circumstances. Improvements to the resilience of the euro area are possible. This paper looks back over an eventful quarter century and offer a peak into the euro area's possible future challenges. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.