Globalization is one of the buzz-words in the 1990s. It points to a world in which geographic location becomes increasingly irrelevant, a vision that has aroused both hopes and fears. Surprisingly, globalization is accompanied by increasing regionalization. This volume is a timely contribution to the debate on globalization and regionalism. Coming from several disciplines, its contributors explore the consequences of a world with no geographical barriers. Refuting simple notions of globalization, they argue that location and space will remain important dimensions of economic and social development. In view of this, the book develops a more balanced view of the tension between globalization and regionalism.

At long last, monetary union has dawned in Europe. Eleven member states now share the common currency, forming a larger EMU than many observers, who thought that monetary union would initially be restricted to the core countries of the European Union, expected. The next item on the EMU agenda now is the question how to bring the remaining members of the European Union into the monetary union. I.A. Mourmouras and M. G. Arghyrou address this question from the perspective of Greece, and, with it, future European Union members such as Hungary and Poland. Their book presents a careful and interesting study of the Greek monetary policy experiences over the past 25 years. It demonstrates how Greece moved from an inflation ridden economy characterized by rigid controls of the financial sector to an economy for which an independent central bank and inflation targeting are credible options. The study is not only interesting in itself but also in that it bears important lessons for the development of monetary policy and institutions in the candidate countries of the European Union."

Globalization is one of the buzz-words in the 1990s. It points to a world in which geographic location becomes increasingly irrelevant, a vision that has aroused both hopes and fears. Surprisingly, globalization is accompanied by increasing regionalization. This volume is a timely contribution to the debate on globalization and regionalism. Coming from several disciplines, its contributors explore the consequences of a world with no geographical barriers. Refuting simple notions of globalization, they argue that location and space will remain important dimensions of economic and social development. In view of this, the book develops a more balanced view of the tension between globalization and regionalism.