This article analyse the Euro and its current political challenges. My thesis is that a currency is a politically framed institution, which is used as credit money and as an instrument of payment. Reproduction of a currency based on the trust of the actors, both in the currency itself and in the policy, which has in different roles the responsibility for the stability of the currency. Up to now, this political responsibility was held by state actors and legitimized by the national sovereignty. With the Euro, the European societies broke new ground, as here a supranational central bank as the key creditor and the nation-state governments as the central debtors share the political responsibility. In relation to the current developments, it will be shown that the Euro as an instrument of payment is seem as stabile und trustworthy, even if there are indicators that some individual governments have loosen some trust. However, it is shown for the Euro as credit money that the fragmented structure of responsibilities is one reason therefore that the mistrust of the solvency of some governments result in an institutional crisis. Not only loose the government of the Greece or Ireland the trust of the creditor, we can see also a loose of trust in the strategies of the Euro Partners.
