ABSTRACT
With the European monetary union (EMU) celebrating its tenth anniversary in 2009, the euro has now settled into the minds and markets of more than half of the 27 European Union (EU) member states. After a somewhat rocky start in terms of its value, the common currency, which was first introduced into circulation in 12 member states in 2002, has strongly rebounded to be considered a viable alternative global reserve currency and competitor to the US dollar. Despite continued British reservations about its own membership, the eurozone has expanded eastward to include Slovenia in 2007 and Slovakia in 2009, and southward in 2008 to include Malta and Cyprus. Additional central and eastern European member states look to join in the near future (Estonia, the Czech Republic, and Hungary) or within the next five years.
