The euro lives on

The accession of Estonia to the Eurozone and the political reactions to the euro crisis have strengthened the euro as a currency, writes the left-liberal daily Der Standard: "In the space of just a few months the fatal head-in-the-sand policy of the past decade - with each euro country having its own economic policy and no one calling for mutual solidarity - has been ended and replaced by a search for political compromises which makes Europe look helpless even when it takes resolute steps. The euro may still be a crisis currency for many but appearances are deceptive: the worst is over. Estonia's accession is ... a promising sign that the euro is still attractive for new EU members. ... During the EMS crisis of 1992/93 the project of the monetary union seemed already to have failed. Once the turbulences were over no one doubted that it could succeed. This crisis could similarly put paid to all the talk of the imminent death of the euro once and for all - and make Europe as a whole stronger."

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