The introduction of a single currency within the European Union is without precedent in world history and will have far-reaching consequences for the future prosperity of the continent. This volume brings together contributions from leading specialists which explain and evaluate the most important implications of economic and monetary union. The work examines theoretical aspects of monetary integration, illustrates the historical lessons to be learned from these and discusses the resulting policy implications. INDICE Fiscal federalism and European monetary union, Mark Baimbridge and Philip Whyman. Part 1 Theoretical considerations of EMU: monetary integration - the intellectual pre-history, W. Max Corden policy challenges under EMU, Charles Wyplosz. Part 2 Historical precedents: historical experience with monetary unions - the case of Scandinavia 1875-1914, Niels Kaergard and Ingrid Henriksen German monetary union and the lessons for EMU, Ray Barrell and Dirk Willem te Velde. Part 3 Policy consequences of a single currency: monetary regimes, collective fiscal retrenchment and the political economy of EMU, Ronald I. McKinnon economic and monetary union and the European Community budget, Sir Donald MacDougall EMU -monetary policy issues and challenges, Jurgen von Hagen. Part 4 The impact upon external relations: the euro and the stabilization of the Eastern European economy, David G. Mayes EMU and the rest of the world - thinking about the effects on the real economy, L. Alan Winters