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The euro changeover has been a success as millions of Europeans have become accustomed to using the new coins and banknotes. What comes next? So far the benefits of the euro are a product of the "vices" which have been taken away from us. In the case of Italy, the gains have been very low inflation and interest rates. Much more has still to come. First, the euro-zone has to become an optimum currency area: all national markets are required to integrate into one larger and more efficient market. This will lead to faster growth in line with Adam Smith's theory. Second, we still need to transfer foreign policy and defense, along with the euro, to a European level thereby completing the Union., Moneta e Credito, V. 55, N. 219 (2002)