How did Europe get to monetary union in 1999 and how will EMU work out? Are the member countries starting in good shape and is the European Central Bank going to be a success? Should the UK enter EMU too, and if so when and how? This book provides a stocktaking of the process of European monetary integration as of early 1999 - at the start of European Monetary Union and twenty years after the creation of the European Monetary System. Based upon the first academic conference on the subject since the start of EMU by the Money, Macro and Finance Research Group and bringing together leading academics, researchers and policy-makers - including members of the European Central Bank - the book assesses recent experiences and evaluates likely future developments.

Introduction; D.Cobham & G.Zis Keynote Paper: The Monetary Policy Strategy of the European Central Bank; I.Angeloni, V.Gaspar & O.Tristani Discussion of Chapter 2; C.Goodhart The European Monetary System: an Unexpected Success?; G.Zis Discussion of Chapter 3; C.Allsopp Tumbling Giant: Germany's Experience with the Maastricht Fiscal Criteria; J.von Hagen & R.Strauch France and the Maastricht Criteria: Fiscal Retrenchment and Labour Market Adjustment; S.Bazen & E.Girardin The Prodigal Son or a Confidence Trickster? How Italy got into EMU; V.Chiorazzo & L.Spaventa Discussions of Chapters 4,5 & 6; J.Driffill The UK and EMU; M.Artis Can Britain Join the Euro? Political Opportunities and Impediments; J.Curtice Discussion of Chapters 7 & 8; P.Stephens & M.Weale On the Conduct of Monetary Policy in an Asymmetric Euroland; P.DeGrauwe, H.Dewachter & Y.Aksoy Discussion of Chapter 9; A.Haldane The Relationship Between the European Central Bank and the National Central Banks; R.Pringle & M.Turner Discussion of Chapter 10; J.Bisignano The Emergence of International Currencies: Will the Euro be Used Internationally?; P.Mizen Discussion of Chapter 11; A.Sutherland Epilogue; D.Cobham