One of the most important results of the Paris Summit of the nine EEC-members was the decision taken to establish a European Monetary Union until April 1, 1973. Will the Economic Union be now approached more rapidly than in the past?

Criticism of the course followed by the Deutsche Bundesbank has been increasing recently. Professor Dr. Otmar Issing explains the theoretical concept of German monetary policy and the basic principles of the Bundesbank’s monetary targeting.

When EMU took effect in 1999, no progress in the direction of political union had been achieved — indeed, it had not even been attempted. Therefore, from the beginning the euro was confronted with a kind of sword of Damocles: can monetary union survive without political union?