The European MJnetary System (EMS) is perhaps the only success story of the Common Market since the First Enlargement. Its success, particul- arly where the conmercial use of the EO] is concerned, has taken nost experts by surprise. So Irn. lch so, that when the author tried to recamEIld to his students a suitable and substantial w::>rk of study and/or reference about the experience of the EMS and its possible future evolution --- no book could be found. Thus, the author set out to write the present w::>rk. The author's aim is not to give a historical account of the EMS. Rather, the intention...