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The European Parliament President Antonio Tajani reminded that the celebration of the euro was also a reminder of the problems that are still to be addressed. Tajani addressed the ceremony for the twentieth anniversary of the euro on Tuesday. Further the EP President said that it was clear that effective instruments to boost investment, support the real economy and foster social and regional convergence were lacking, reminding that the EP had called for a budget for those challenges to be addressed.

In his address, Tajani stated that he remained convinced that the euro project “was the right approach” saying that some 340 million of EU citizens made use of the currency making it the second most important currency. He also noted however that not everyone was convinced that the adoption of the single currency by the bloc was a “success”. Quoting a Eurobarometer survey, Tajani said that the findings showed that three Europeans in four were in favour of the currency.

President Tajani spoke of the urgency of completing three unions as soon as possible warning that failure to do so might sweep away the work already done with a new crisis. The unions being the Banking Union, the Capitals Market Union and the Fiscal and Economic Union.

Tajani quoted recent statistics which showed a slow-down in growth and industrial output which sound alarm bells of a possible recession that would affect some Member States. The EP President also spoke of the growing divides in the economic and social sectors in the eurozone.

The EP President further stated how the currency made the European internal market more transparent and competitive, and spoke of the benefits of the currency, such as facilitating transactions, movement, trade and tourism. Tajani told those present that the currency acted as a shield during the financial crisis as it prevented the collapse of the bloc’s weakest economies.

The financial crisis however highlighted the shortcomings and errors made in addressing sovereign debt crisis, according to Tajani.