The success of European monetary integration-what the editors of this CESifo volume call "one of the most far-reaching, real world experiments in monetary policy to date"-is not assured. Policy makers have been forced to deal with challenges posed by formulating a uniform monetary policy for...

Our friend and colleague Ruediger Dornbusch passed away before he was able to complete his book based on the Munich Lectures in Economics that he gave in November 17, 1998, at the Center for Economic Studies of Ludwig-Maximilians-Universitaet. The lectures contain a fascinating overview of the...