The euro celebrated on January 1, 2019, the 20 years of its creation. It did so, on the one hand, having overcome important challenges along the way and with a considerably reinforced institutional architecture and, on the other hand, it did so surrounded by claims and old debates about the need to complete the Banking Union and implement a Fiscal Union as the only one way to ensure that Member States are equipped to cushion future external shocks and survive next crises.
