This paper highlights that the EMU transition process itself can pose challenges to individual accession countries and draws policy implications for ERM II. Differences in financial market development and international liabilities underscore the risks and benefits of ERM II, and may lead to...

The European summit in Dublin has shown that any further European integration will be determined in great measure by agreement on the financing of future Community budgets and by the EC’s expenditure policy. This article shows how the political controversy about the Community’s budget...