This article considers the evolution of Europe's monetary union over the next five to ten years, concentrating on the most important likely change, namely the increased number and heterogeneity of participating states

In 1975 Niels Thygesen, together with eight other economists - one of us among them - published in The Economist a "manifesto" proposing a new common currency for Europe (Basevi et al., 1975). His co-operation on this subject was pursued within a smaller group, and resulted in the publication of...