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This book provides a comprehensive account and analysis of the plan for European monetary union contained in the Maastricht Treaty. The provisions of the treaty itself are examined, showing how they evolved, what must be done to implement them, and some of the problems they will pose. Kenen goes far beyond the treaty, however, to survey and adapt recent research by economists on the benefits and costs of monetary unions, the conduct of monetary policy, and the consequences of large public deficits and debts.
1. The origins of EMU; 2. The design of EMU; 3. Monetary policy in stage three; Appendix: Monetary mechanics in EMU; 4. Fiscal policy and EMU; 5. EMU and the outside world; 6. The transition to EMU; 7. Reconsidering the transition; 8. Getting on with EMU.