Thomas Steinfeld on the secret of the euro's success

On January 1st 2007 it will be five years since the euro was first introduced. German journalist Thomas Steinfeld sees the unpopularity of the European currency as the secret of its success: "The European currency lacks character in the same way the European bureaucracy does. Its advantage lies in its indifference to political divergences. The euro does not conjure up associations with the dark figures of Italy's shadow economy, the regional obstinacy of French winegrowers or the international success of German engineering. All the European coins are the same on the side with the number on it. They are neutral to political differences. The euro is impervious to such things. This is the great advantage of the new currency for the sake of which we sacrificed the historical, social and sentimental symbolism of the franc, the German mark, the guilder, the schilling and the lira. The neutrality of the euro is therefore of the same nature as that of European legal norm: it has to be devoid of sentimental value and anti-intellectual, otherwise it wouldn't work."

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