European Monetary Integrity: From the European Monetary System to Economic and Monetary Union

Review of First Edition

"...displays their [the authors'] outstanding ability to provide a balanced perspective which spans both the most narrow technical issues and broader economic analysis. [...] can be recommended without hesitation to advanced undergraduate and graduate students and to active reserchers." The World Economy

Daniel Gros and Niels Thygesen provide an unrivalled account of the history, theory and practice of monetary integration in Europe. Starting with a brief history of European monetary integration up to the start of the EMS in 1978, the authors go on to examine in more detail the workings of the EMS, including an analysis of the speculative attacks in 1992-95. The next part of the book is a substantially rewritten account of the economics of monetary union with a fresh look at the costs and benefits, the changing relationships between economic and monetary integration and the global implications of EMU. The final part of the book critically examines the specific steps towards monetary union starting from the Delors Report to the Maastricht Treaty with the Convergence criteria and finally to the establishment of a European System of Central Banks. The concluding chapter assesses the outlook for EMU.

Key features of the new edition

* Substantially rewritten to take account of events since the Maastricht ratification process

* New technical boxes included to summarise theoretical issues relevant to the workings of the EMS

* Reassesment of costs and benefits and critical analysis of the outlook for EMU

* Cartoons from a number of European papers help to illustrate the range of national positions on EMU and the widespread perplexity of the public

In the course of the book the authors draw upon their extensive original research and also survey the huge amount of literature that has appeared in books, journal articles and professional briefing papers. European Monetary Integration remains essential reading for all students of European monetary integration and international macroeconomics, as well as anybody with a professional interest in European economics.

Daniel Gros is Deputy Director and Senior Research Fellow at the Centre for European Policy Studies, Brussels and has taught as Visiting Professor at the Catholik University of Leuven and the University of Frankfurt. He also served as advisor to the Director General for Economic and Financial Affairs of the European Commission 1988-1990.Niels Thygesen is Professor of Economics at the University of Copenhagen and an Associate Senior Research Fellow at the Centre for Eruopean Policy Studies, Brussels. He served as one of the three independent experts on the Delors committee and was adviser to the Central Bank of Denmark from 1972-83.