The goals of its architects — summarised in the 1989 Delors Report as free movement of goods, capital, services and labour — seemed laudable and historically compelling. France’s President Mitterrand and Germany’s Chancellor Kohl felt that a single currency would enhance Europe’s role in the world monetary system and turn the continent into a truly unified market. European leaders also believed that economic cooperation and political integration would reduce the likelihood of a repetition of the destructive wars of the 20th century.
