The success of European monetary integration -- called by the editors of                  this CESifo volume "one of the most far-reaching, real world experiments in monetary                  policy to date" -- is not assured. Policy makers have been forced to deal with                  challenges posed by formulating a uniform monetary policy for countries with                  asymmetric business cycles and economies in different stages of development as well                  as with the fiscal and financial implications of a unified currency.The contributors                  to European Monetary Integration, all prominent economists and scholars, combine                  theoretical analysis and policy recommendation in their examination of these                  difficulties. In the first three chapters they consider issues raised by asymmetry                  problems, including imperfect labor and goods markets, the problem of monetary                  policy objectives when "one size does not fit all," and the possibility of a bias                  toward smaller countries in the "one country, one vote" constitutional structure of                  the European Central Bank. In the last three chapters, they discuss fiscal concerns,                  including the distribution of seignorage revenues and the interaction of European                  Central Bank monetary policies and asset price dynamics.

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