Over the course of 1999, these hopes were humbled. That such depreciation has occurred is not all that surprising when one looks behind the Euroland label. Yes, the 11 Eurolanders have auspicious potential. However, the members and the organization have serious problems as well. First, while the euro may be a single currency, Euroland has no central government.
Enforcement is bound to be a problem.
They have been able to meet them in large part because their economies recently have been prosperous relative to European standards. Such questions raise fundamental economic and governmental questions. While the U.S. faces serious decisions in adjusting its entitlement programs to an increasingly graying population, these pale in comparison to Europe's far richer programs, which must be financed by far smaller and less dynamic economies. In a comparison to the previous year, Euroland's economy grew 2.6 percent, 1.9 percent, 1.6 percent and 1.6 percent from the third quarter of 1998 through the second quarter of 1999. In October, Euroland's unemployment fell below 10 percent for the first time since December 1992.