When I wrote my book on EMU four years ago (Kenen 1995), very little had been written on the international dimensions of EMU. There was a chapter in the Commission's path-breaking study (European Commission, 1990). There were papers by Alogoskoufis and Portes (1991, 1992), Cooper (1992),...

In light of 50 years of economic policies designed to integrate Europe - culminating in the elimination of euro zone national currencies in early 2002 - and a vast academic literature on international economic integration, it is of interest to assess how far European integration has come in...