I would like to know what are the Pros and Cons of the Euro as a Currency so far? What are its strenghts and weaknesses? What challenges might it face in the future? How has it affected Europe so far and its citizens? Could the Euro become the world’s benchmark currency?

I would like to know what are the Pros and Cons of the Euro as a Currency so far? What are its strenghts and weaknesses? What challenges might it face in the future? How has it affected Europe so far and its citizens? Could the Euro become the world’s benchmark currency?
Pros : much easier trade and travel.
Cons : some loss of local country identity.
Strength : less linked to the instable US dollar.
The Euro is actually already the new worldwide benchmark currency.
Soon everything - including oil and gas - will be sold based on the Euro instead of the Dollar.

:)

I think that the first post has the "pros" pretty well, but the "cons" are lacking. With a central European bank, sovereign countries are now having fiscal and monetary policy dictated to them. Their budget deficit can't be over a certain percentage of their GNP. They can't raise/lower interest rates to suit their own economy.

Even with those points in mind, however, I'm not sure that it's been a net gain or net loss. Countries in the EuroZone don't seem to be doing better or worse than those who opted out (like Britain, Denmark & Sweden).

Isn't the dollar still the world's benchmark currency?