"Barry Eichengreen has over the past decade raised the standard of the debate on Europe's monetary unification in a number of articles collected in this volume. He combines the skills of an econometrician with the accurate analysis and critical judgementof political decision process by an economic historian. By using the US experience of its currency union as a benchmark he has put challenging questions to European policy makers." -- Niels Thygesen, University of Copenhagen The process of European monetary unification (EMU) is approaching a critical juncture. At the beginning of 1998 the member states of the European Union will decide whether or not to go ahead with their monetary union and determine which countries qualify as members. There is a high likelihood that Stage III of the Maastricht process--monetary union itself--will commence on January 1, 1999, and that a single currency, to be known as the Euro, will replace the national currencies of the founding member states at...

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