The establishment of the single currency was the crucial factor in transforming the EU into the "world's healthiest economy", the Fine Gael leader, Mr John Bruton, has said.
Speaking at a ceremony in Brussels where he was awarded the Schuman Medal for his work during Ireland's EU presidency, Mr Bruton said the agreement on a stability pact to underpin the introduction of the euro was one of the presidency's best achievements.
This had paved the way for the currency's establishment in advance of the worldwide currency crisis originating in Asia, he added, making Europe "the strongest pole of economic strength in the world today".
The Schuman Medal is awarded annually to a member of the European People's Party, to which Fine Gael is affiliated.