It was the late Murray N. Rothbard who said "fiat currency by any other name smells just as sour". He may very well have been talking about the Euro.
The Euro was conceived as a new and "different" currency that would ultimately compete with and perhaps replace the US dollar in its role as a world reserve currency primarily because it was "backed", although not redeemable, by the 30% gold holding of the ECU whose singular mandate was currency stability.
Well, it looks like that mandate has caved to political pressure and now that...
See this link for the full story.
So it appears that the ECU, too, succumbs to Mr. Rothbard's proclamation and the Euro is on track to follow the way of the US dollar into unlimited inflation. Note that nothing is said regarding the 30% gold "backing" which ultimately will have to be reduced as the Euro is inflated into oblivion.
The take home message is that all of the individuals who acquired Euros, in the belief that they would represent a stable currency, have been defrauded by the ECU since now the ECU will produce as many Euros as necessary to accommodate economic growth, diluting the value of each individual Euro. Is anyone really surprised?
As the article from the link above points out, this is good for gold advocates because the price of gold will undoubtedly rise against all currencies as, once again, there is no alternative unit of measure that represents true wealth.
