The start of the new year marked the 10-year anniversary of the introduction of euro coins and banknotes, though much of the eurozone was not in a mood to celebrate.

The euro was officially launched on 1 January, 1999, but it only replaced national currencies three years later. Before joining the euro, countries were required to adhere to strict economic and monetary criteria including keeping inflation, government deficit and government debt under control.

But these criteria have not been adhered to as strictly once countries ditched their national currencies to adopt the euro, and financial troubles in many members came to a fore after the global financial crisis struck in 2008.

In a statement issued to mark the anniversary, the European Commission was upbeat about future prospects, hedging its bets on the agreement reached in last month’s EU summit and on existing legislation.

After acknowledging that “fiscal and macroeconomic imbalances built up over the decade” within the eurozone, it said that addressing them required immense efforts by the public sector to protect the interest of governments, businesses and citizens, throughout the EU.

But in the meantime, Greece, which joined 11 other countries in dropping its national currency on 1 January, 2002, is warning that it might have to revert to the drachma if it fails to secure its latest bailout from the EU, the IMF and banks. The warning, made by government spokesman Pantelis Kapsis on television, may have been addressed to the public in a bid to win public support for the heavily unpopular measures demanded by lenders.

Strikes have already started taking place on 2 January, with pharmacists staging a 48-hour walkout and state hospital doctors starting a four-day strike in which they would only treat emergency cases over government measures in the state health sector.

Meanwhile, criminal charges are to be brought against a senior official within the finance ministry for an alleged breach of duty – a charge which can carry a maximum life sentence. The case concerns an alleged failure to pursue potential fuel smugglers, and Ioannis Kapeleris, the ministry’s secretary general for tax and customs affairs, has been asked to resign.

Tax evasion is believed to remain rampant in Greece, a situation compounded by an inefficient tax collection system.

In the meantime, however, interim Prime Minister Lucas Papademos has pledged to create 150,000 new jobs in early 2012, in a €900 million effort which should involve local authorities and the Greek Orthodox Church.

New jobs are also sorely needed in Spain, where the number of people on unemployment benefits hit a 15-year high last month, although the increase in unemployment that month was slowed down by Christmas hiring. The latest published unemployment rate – which also includes people whose unemployment benefits ran out – stood at 21.5%.

A change of government occurred since then, with the conservative Popular Party defeating the incumbent socialist government in last November’s general election. The new government has promised that aggressive reforms of the labour market to boost employment will go ahead even if unions do not agree, although unions and business groups have been asked to present joint proposals by next Friday.

Measures introduced by Italy’s technocratic government in a €33 billion austerity package have also started coming into effect in the new year. The package was approved on 22 December, and surveys indicate that interim Prime Minister Mario Monti’s popularity slumped as a result.

The measures included tax increases, raising the retirement age, cutting subsidies and cutting health spending. In a bid to discourage tax evasion, the measures also include a ban on cash transactions above €1,000.

Both Spain and Italy are perceived as being too big to bail out: Previous bailout recipients Greece, Ireland and Portugal are all significantly smaller.

The EU’s debt troubles extend beyond the eurozone. Hungary had obtained an IMF bailout back in 2008, although the subsequent government led by Prime Minister Viktor Orbán did not renew the debt, seeking to end IMF interference in national policy.

High debt levels and the threat of a recession have forced a U-turn in policy, and the country is now seeking financial backing – though not a new loan – from the EU and the IMF. But the government’s insistence to go ahead with a new central bank law which has been criticised by the EU for diminishing the Hungarian central bank’s independence has soured negotiations.

Making the situation harder is widespread discontent at the perceived authoritarian nature of the ruling Fidesz party. Fidesz’ two-thirds parliamentary majority allows it to change legislation at will, and a new constitution came into force on New Year’s Day. Widespread protests have ensued this week, with opponents arguing that the constitution entrenches Fidesz’ power and forces the party’s views on the country.