PART I. A BRIEF HISTORY OF EUROPEAN MONETARY INTEGRATION. 1. The Beginning: From European Payments Union to the Snake. 2. The Making of the European Monetary System. 3. The European Monetary System. PART II. THE EUROPEAN MONETARY SYSTEM AND THE ECU. 4. Analytical Issues: A Critical Appraisal of the EMS, 1979 - 92. 5. Lessons from a Failed Transition? The Speculative Attacks of 1992 - 5. 6. From the ECU to the Euro. PART III. THE ECONOMICS OF MONETARY UNION. 7. Why Monetary Union? 8. Costs and Benefits of EMU. 9. The Relationship between Economic and Monetary Integration: EMU and National Fiscal Policy. 10. EMU and the Global Monetary System. PART IV. TOWARDS MONETARY UNION. 11. Agreeing on EMU: from Political Initiatives to the Delors Report and the Maastricht Treaty. 12. After Maastricht: Concrete Steps towards Monetary Union. 13. The European System of Central Banks and Price Stability. 14. Outlook and Conclusions. Index.
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