Two months were scheduled, but two weeks would have been enough for euros to replace francs in everyone’s wallet. The polls tell us that nine out of ten French people are satisfied with the way everything has gone. A swift and efficient success: for the first time in history, twelve countries have merged their national currency. A historical event from which some lessons can be drawn.
First of all, real political courage has been rewarded. The visionaries who set the European Monetary System in motion – Valéry Giscard d’Estaing and Helmut Schmidt – received due recognition at the time. However, there is less awareness in France of the real political heroism shown by Helmut Kohl following German reunification: while the mark was the symbol of Germany’s post-war success, while the strength of its national currency reassured a people beset by the rampant inflation which brought Germany to its knees after 1919 and again after 1945, while the all-powerful Governor of the Bundesbank officially called the plan for monetary union ‘manifestly absurd’ and 80% of Germans were opposed to it, Chancellor Kohl pressed ahead with the European currency to secure reunified Germany’s place in a Europe definitively united in this way. He may have lost power, but Germany’s place has been secured.
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