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The euro project has had a difficult second decade but it is worth remembering its successes. The ECB has successfully achieved its primary goal of price stability and the common currency is popular among the euro area's citizens.The euro has proved to be remarkably resilient due to its popularity with citizens.

After a decade of preparations, the euro was launched on 1 January 1999: for the first three years it was an 'invisible' currency, only used for accounting purposes and electronic payments. Coins and banknotes were launched on 1 January 2002, and in 12 EU countries the biggest cash changeover in history took place.

Eurozone GDP growth slowed to 0.1% quarter-on-quarter in the last three months of 2019, dragged down by France and Italy. The EU's statistics office, Eurostat, said growth for the period in the 19-country area was 0.9% year-on-year, a downward revision from the previously estimated 1% growth.

The main benefits of the euro are related to increased trade. Travel was made easier by removing the need for exchanging money. More importantly, the currency risks were eliminated from European trade. With the euro, European businesses can easily lock in the best prices from suppliers in other eurozone countries.

Although all EU countries are part of the Economic and Monetary Union (EMU), 19 of them have replaced their national currencies with the single currency the euro. These EU countries form the euro area, also known as the eurozone.

You can use the euro in 19 EU countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Discover more about the euro, which countries use it and the exchange rates.

What are three disadvantages of the euro for Europe? Loss of independent monetary policy. Loss of national identity. Increased economic ties among member countries.