The creation of the ECU in 1979 as part of the newly established
European Monetary system was greeted with widespread scepticism,
few predicted the success it would have in private financial
markets. The macroeconomic and microeconomic implications of the
ECU and its significance for monetary integration in Europe are
considered by a variety of contributors from academics to those in
banking circles. Current research is examined and the theoretical
and empirical aspects of the emergence of the ECU as a vehicle for
European policy-making are considered to provide insights as to its
future development.
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