The decisions taken at Maastricht seem to have finally removed the obstacles to European monetary union. So have the monetary questions really been settled? Is the process of monetary convergence irreversible?

Real Wage Rigidities, Fiscal Policy, and the Stability of EMU in the Transition Phase. - EMU will start with eleven member countries as scheduled on January 1, 1999. The paper shows that the primacy of politics over economics in this decision could have serious consequences concerning the...