The euro turns 20 on Tuesday, marking two tumultuous decades that saw the single currency survive a make-or-break crisis and become a fixture in financial markets and Europeans’ wallets. But it is destined to remain a fragile giant without closer eurozone integration, observers say. Born on January 1 1999, the euro initially existed only as a virtual currency used in accounting and financial transactions. It became a physical reality for Europeans three years later, and its coins and notes are now used by more than 340-million people in 19 EU countries. The currency wasn’t immediately loved, with many perceiving its arrival as an unwelcome price hike. In Germany, it was nicknamed the “teuro”, a pun on the German word for expensive. But the ease of travelling and doing business across borders in the euro area without having to worry about foreign exchange fluctuations quickly won hearts and minds. Today the euro is more popular than ever despite the rise of eurosceptic, populist move...

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