Now that EMU is here and likely to stay, the 'second generation' of research is under way. This volume presents a significant sample of that research and explores questions such as: How do central bankers who used to run their own banks now melt into a single pot? Are labour markets going to shape up? Is the euro becoming a world currency?

1. INTRODUCTION AND OVERVIEW ; 2. MONETARY UNION AND FISCAL FEDERALISM ; 3. Accountability, Credibility, Transparency and Stabilization Policy in the Eurosystem ; 4. The Role of National Central Banks and of Different Policy Cultures ; 5. Games Central Bankers (Could) Play: Markets versus Politics in Public Policy Decisions ; 6. Will EMU Increase Eurosclerosis? ; 7. Europe's Industrial Structure and Geography ; 8. Exchange Rate Uncertainty, Trade, and Investment with and without EMU ; 9. WORLD BANKING AND FINANCE WITH EMU ; 10. The New International Monetary and Financial System ; 11. EMU and the Developing Countries ; 12. Will the Euro Trigger More Monetary Unions in Africa? ; 13. Will the Emergence of the Euro Affect World Commodity Prices? ; 14. The Impact of EMU on European Transition Economies: Commitment, Institutional Capacity and the Monetary-Fiscal Mix ; 15. A CRITICAL VIEW AND THE RESEARCH AGENDA