"We congratulate Europe on the successful efforts to create EMU," said a US State Department official on Thursday while referring to European Monetary Union (EMU) on the eve of the launch of the new currency. "A successful European Monetary Union with dynamic domestic growth based on open markets and sound economic and structural policies will benefit the United States," said the official.

But whether the new currency zone will challenge the dominance of the US dollar and the Japanese yen on the world stage remains an unresolved debate. It was the final act of preparation for today's official inauguration of the new currency, marking a grand leap forward in the unification of postwar Europe.

The State Department applauded participating governments for their efforts in reducing inflation and cutting budgetdeficit to pave the way for the euro's launch.