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. Includes the views of top economists from Europe and around the world. Presents vital information in a non-technical language. Contains penetrating discussions by a distinguished panel of experts.