EMU: Why and How It Might Happen
回顾了1999年前建立欧洲货币联盟的历史、经济原理和主要组成部分，指出单一货币是资本流动自由化后的最佳选择，并分析了制度设计中的通胀担忧与财政约束问题。
This paper reviews the history, economic rationale, and main components of the project of establishing a monetary union in Europe by 1999. The adoption of a single currency is shown to be the best available option following the liberalization of capital movements. Most of the institution's design (central bank independence and objective, fiscal restraints) reflect Germany's fears of inflation as it is asked to give up its currency. The fiscal restraints are excessive, however, and a source of contractionary bias. The paper also presents the timetable of the final countdown.