ABSTRACT
Teenage years are always challenging ones. But for economic and monetary union in Europe (EMU) the start of the second decade of its existence could prove to be even more difficult than that. In the face of a major economic crisis, this historically unique economic and institutional endeavour of initially 11, now 16, nations sharing a single currency is threatened in its very existence and will have to demonstrate particular resilience (e.g. Financial Times 2009). Is EMU sufficiently strong to face this crisis?
