This book offers a fresh and comprehensive examination of European monetary and fiscal policy in the third stage of Economic and Monetary Union (EMU). The authors give a brief history of European economic integration before the transition to EMU, and continue with a comprehensive analysis of institutions, legislation, and policies.

Recently, De Nederlandsche Bank in coope: ration with the CentER for Economic Research of Tilburg University organised an international conference on monetary policy. This volume contains the papers, comments and speeches given on that occasion. The organisation of such a conference and the publication of this book were possible only through the efforts of a number of people. More in particular I would like to thank the organising committee (prof Onno de Beaufort Wijnholds, assoc prof Sylvester Eijffinger, dr Lex Hoogduin and Broos van der Werff), Hans Haan the conference manager, Imelda...