One of the most remarkable transformations in international monetary and financial relations in recent years has been the acceleration of the process of European Economic and Monetary Union (EMU). Yet despite the general recognition that EMU is of great significance for the organization of international monetary and financial relations, the interpretation of its economic and political nature remains the subject of considerable academic and political debate. This study is addressed to the development of a historical interpretation of the process EMU. Its conceptual foundation lies in the field...