Economic and monetary union (EMU) is, undoubtedly, a unique and bold experiment. Although the introduction of the euro went well, the economic management of the EU as a whole, and the euro area in particular, has been subject to growing criticism (see, for example, Pisani-Ferry, 2002). Today,...

Economic and monetary union (EMU) is, undoubtedly, a unique and bold experiment. Although the introduction of the euro went well, the economic management of the EU as a whole, and the euro area in particular, has been subject to growing criticism (see, for example, Pisani-Ferry, 2002). Today,...

This paper considers two kinds of issues facing EMU. One concerns qualifications and membership: how qualifications are evaluated and which member states are likely to meet the criteria set for membership in the third stage of EMU in 1999. The other concerns the capacity of member states,...

This paper considers two kinds of issues facing EMU. One concerns qualifications and membership: how qualifications are evaluated and which member states are likely to meet the criteria set for membership in the third stage of EMU in 1999. The other concerns the capacity of member states,...