As ECB is getting ready to celebrate the 10^th birthday of euro, the happy moment may be marred by many unfavorable events outside and inside the Eurozone, including the mediocre performance of Portugal, Italy, Ireland, Greece and Spain (PIGS).

Euphoria is sweeping across the Eurozone, as euro would successfully turn 10 very shortly beating all the skepticisms as regards its existence and performance. The European Central Bank's (ECB) achievement of knitting together a diverse group of central banks and a disparate group of currencies into Euro has got the desired results in the first 10 years of its existence.

Unlike his predecessor Wim Duisenberg, Jean-Claude Trichet, the incumbent President of ECB, has been successful in upholding the euro as a common currency. He has successfully driven euro towards gaining momentum as an international trade, investment and reserve currency.

Within a relatively short span of time, undoubtedly euro has established itself as a genuine rival to the US dollar. Though countries like Germany are prospering and adore ECB, there are also a few dark spots like Portugal, Italy, Greece and Spain (PIGS), also called the `Club-Med', which are not only dragging down the performance of the bloc but also threatening to derail the stability of the union.

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