The euro in europe is an exciting event. The introduction of the euro is full of risks. Eurolandia faces many risks because it is still an incomplete and unfinished project. It is incomplete because while monetary policies will now be conducted at the european level, the other tools of macroeconomic management remain firmaly in the hands of national authorities. It is unfinished because the European Central Bank itself has been left handicapped in the event of one major financial crises. In a sense we can say that the start of Eurolandia is like a move into a new and nice house,which does not have a roof . Two possible scenarios emerge, an optimistic and a pessimistic one. In the optimistic version European leaders realise the unfinishe nature of the EMU project and act quickly to unify the other parts of macroeconomic policies . The second scenario, the euro would not become the strong and stable currency that so many observers expect it to be. On the contrary it would be weak and no match for the dollar. In the current period of international crisis, the success of the euro is a necessity not only for Europe, but also for the rest of the world, which must be able to count on European growth and prosperity if the global economy is to prosper.

Elena Arrigoni