The Euro Crisis - A Standardisation Perspective

The euro is the result of a standardisation process. Analysis of the euro crisis from the vantage point of standardisation theory tell us that a common currency requires the creation of a unified state. If we cannot accept that idea, we need to go back to national currencies. There is no middle ground. Standardisation research usually involves technical standards and sometimes standards for services, processes or management systems as well. But the euro, too, can be regarded as a standard while the road toward its introduction may be seen as a standardisation process, defined as the activity of establishing, with regard to actual or potential problems, provisions for common and repeated use, aimed at the achievement of the optimum degree of order in a given context (ISO-IEC, 2004). Simons and De Vries (2002, Section 1.5) defined criteria for good standards. The euro fails to meet two of these criteria: stakeholder support and alignment with related standards. This paper first explains why the euro does not meet these criteria and then analyses the consequences. The conclusion and discussion section includes recommendations for solving the euro crisis.