Pervenche Berès is the Chair of Parliament's Economic and Monetary Affairs Committee. She said "although it would be impossible to introduce the euro today, we are better armed with the euro."

European Economic and Monetary Affairs Commissioner Joaquín Almunia agreed. "The euro is protecting Europe from the current financial and economic crisis that has hit the world."

He urged more action on taxation policy across Europe: "Today all countries have a veto on taxation, so incentives for coordination are low although the need for coordination is high. In future, coordination requires that unanimity disappears at least at euro-area level."

Euro protects but beware of protectionism

Former German MEP Christa Randzio-Plath, a predecessor of Ms Bérès said, "we are in crisis now but the euro has shown that it is immune to speculation...and we have given it stability."

José María Gil-Robles, European Parliament President when Economic and Monetary Union was launched in 1999 said "the euro is not a mere glittering piece of metal in one's pocket but a means for growth".

The Editor of Italy's "Il Sole 24 ore" Carlo Bastasin said the euro had helped shield countries from the economic crisis, but warned that it had deprived governments of the urge to act and said protectionism was on the rise.

Turning to possible new members of the euro, the European Editor of the Financial Times, John Thornhill, speculated that the UK was not likely to join the eurozone "as long as the Queen features on British coins, but there has already been a case in history when King Charles lost his head".

Referring to the pound's fall against the euro recently he said: "The concept of 'never' joining the euro has been redefined during the last two weeks..."

Under the terms of the EU Accession Treaties signed in 2004, all 10 countries that joined must adopt the euro when they meet the economic criteria.

Slovakia, Slovenia, Cyprus and Malta have already adopted the euro. Estonia had hoped to join last year and Mr. Almunia said he is confident it will meet the membership criteria "in a couple of years".


- Further information :

Report on the EMU@10
Economic and Monetary Affairs Committee
10th Anniversary Euro celebrations in the EP
Watch session live
10 years of the euro