roots : how do people view the euro, relative to national currencies, and how have their views been affected by recent crises? here, the periodic oenb euro survey offers valuable insights. since 2007, we have been surveying individuals in cesee countries that have not adopted the euro. the survey shows that in these countries, on average, trust in the euro is higher than trust in the national currencies. in several cesee countries, including some eu member states, this trust gap is surprisingly wide : trust in the euro is sometimes more than twice as strong as trust in the local currency. this relatively solid trust in the euro is one of the factors shaping the extent of unofficial euroization. trust in the euro tends to strengthen even further, compared to trust in national currencies, during crises such as the recent energy and inflation crises. in recent survey rounds, respondents were also asked whether they believed the euro has had a positive or negative impact on euro area economies. 25 years after the introduction of the euro, it is only in bosnia and herzegovina, hungary and romania that a majority of respondents think the euro has had a positive effect. in czechia, by contrast, less than 40 % of people interviewed share that view, while around one - third of them believe the euro has had a negative impact. this microdata evidence clearly shows that the euro remains a hotly debated topic, capable of dividing opinions not only among experts but also among the public. ultimately, however, and in economic terms at least, the question of whether and when to adopt the euro boils down to the critical issue of convergence : should countries first achieve a high level of economic alignment with the euro area before joining or can adopting the euro itself help accelerate the convergence process? while the maastricht criteria remain the key legal benchmark for assessing a country's readiness for euro adoption, recent experience suggests that economic convergence is not a one - size - fitsall process. some countries may benefit from adopting the euro earlier during their convergence journey, while others may need more time to align their economies more closely with the broader euro area. completing the single market : the next chapter such considerations might be perfectly valid from the perspective of individual countries. however, from the euro area's standpoint, achieving and maintaining a high level of economic convergence among its members is essential to move closer to the economic ideal of an optimal currency area. although the euro has shown remarkable resilience and strength over

, 133 – 147. imf ( 2010 ) regional economic outlook : europe, building confidence. imf, washington, http : / / www. imf. org / external / pubs / ft / reo / 2010 / eur / eng / ereo1010. pdf. nowotny, e. ( 2010 ) : “ the euro ’ s contribution to economic stability in cesee. ” in : nowotny, e., mooslechner, p., ritzberger - grunwald, d. ( eds. ), the euro and economic stability, focus on central, eastern and south - eastern europe, edward elgar, cheltenham : edward elgar, forthcoming. ritzberger - grunwald, d., worz, j. ( 2010 ) wechselkurse und osterreichischer außenhandel. fiw policy brief nr. 5, research center international economics, vienna. schreiner, j. et al. ( 2010 ) developments in selected cesee countries. focus on european economic integration no. 4, forthcoming.