The European Economic and Monetary Union comprises twelve member
states and forms a currency area of considerable size and, until
now, remarkable stability. Still, however, discussion is going on
whether it can survive as an institution providing the highest
degree of monetary integration which is a single monetary policy
for a group of member countries with divergent economic
performance. It is also questioned whether it can withstand
financial crises in international markets and contribute to the
stability of the global financial system. The book addresses these
questions with special emphasis on the need for new forms of
economic policy coordination.
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