This book provides a stocktaking of the process of European monetary integration as of early 1999 - at the start of European Monetary Union and twenty years after the creation of the European Monetary System.

Introduction; D.Cobham & G.Zis Keynote Paper: The Monetary Policy Strategy of the European Central Bank; I.Angeloni, V.Gaspar & O.Tristani Discussion of Chapter 2; C.Goodhart The European Monetary System: an Unexpected Success?; G.Zis Discussion of Chapter 3; C.Allsopp Tumbling Giant: Germany's Experience with the Maastricht Fiscal Criteria; J.von Hagen & R.Strauch France and the Maastricht Criteria: Fiscal Retrenchment and Labour Market Adjustment; S.Bazen & E.Girardin The Prodigal Son or a Confidence Trickster? How Italy got into EMU; V.Chiorazzo & L.Spaventa Discussions of Chapters 4,5 & 6; J.Driffill The UK and EMU; M.Artis Can Britain Join the Euro? Political Opportunities and Impediments; J.Curtice Discussion of Chapters 7 & 8; P.Stephens & M.Weale On the Conduct of Monetary Policy in an Asymmetric Euroland; P.DeGrauwe, H.Dewachter & Y.Aksoy Discussion of Chapter 9; A.Haldane The Relationship Between the European Central Bank and the National Central Banks; R.Pringle & M.Turner Discussion of Chapter 10; J.Bisignano The Emergence of International Currencies: Will the Euro be Used Internationally?; P.Mizen Discussion of Chapter 11; A.Sutherland Epilogue; D.Cobham

CHRISTOPHER ALLSOPP Oxford University YANUS AKSOY Catholic University of Leuven IGNAZIO ANGELONI European Central Bank MICHAEL ARTIS European University Institute and CEPR STEPHEN BAZEN Universite Montesquieu-Bordeaux IV JOE BISIGNANO Bank for International Settlements VINCENZO CHIORAZZO Crediop and Centro Europa Ricerche DAVID COBHAM University of St Andrews JOHN CURTICE University of Strathclyde HANS DEWACHTER Catholic University of Leuven PAUL DE GRAUWE Catholic University of Leuven JOHN DRIFFILL University of Southampton VITOR GASPAR European Central Bank ERIC GIRARDIN Universite Montesquieu-Bordeaux IV CHARLES GOODHART London School of Economics and Bank of England Monetary Policy Committee ANDREW HALDANE Bank of England PAUL MIZEN University of Nottingham and C.E.P.R ROBERT PRINGLE Central Banking Publications LUIGI SPAVENTA University of Rome La Sapienza, C.O.N.S.O.B and C.E.P.R PHILIP STEPHENS Financial Times ROLF STRAUCH Z.E.I, University of Bonn ALAN SUTHERLAND University of York ORESTE TRISTANI European Central Bank MATTHEW TURNER Central Banking Publications JURGEN VON HAGEN Z.E.I, University of Bonn, Indiana University and C.E.P.R. MARTIN WEALE National Institute of Economics and Social Research GEORGE ZIS Manchester Metropolitan University