The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

Michael Emerson draws on a rare experience of Europe's new political and economic structures - from Brussels to Moscow - to explain Europe's contradictory tendencies towards both integration and conflict. He confronts the two strategic issues for the Europe of the early 21st century: how to ensure success for the Euro and how to stabilise the wider Europe with a strong structure for EU-Russian relations. He draws distinctions between the different Europes - geographic Europe, the European Union, 'Security Europe' (based around NATO) and the emerging 'Civil Europe'. The author argues that...