Written prior to adoption of the Euro, this volume explores the likely impact of monetary union. Some of the best European and American economists use available theories and data, including historical evidence, to look at the operation of monetary and fiscal policy, at the effects of shocks and at the international role of the euro. This book serves as the reference for understanding the early challenges of EMU. Kenneth Rogoff (Princeton University) discusses the role of the EU in the world?s underground economy, suggesting that it is quite plausible for approximately one–half of euro currency to be held outside the legal domestic economy of Europe, and this is fostered by the plan of issuing large euro denomination notes. Barry Eichengreen (University of California, Berkeley) and Charles Wyplosz (Graduate Institute of International Studies, University of Geneva) analyze whether a Stability Pact is really needed in order to underpin EMU, provide new evidence on whether the...

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