This volume analyzes the European Community's transition to economic and monetary union (EMU) in the light of the agreements reached at Maastricht last year. It derives from a conference held by the CEPR and the Bank of Portugal, and includes among its contributors a number of noted academic commentators on European integration. The issues addressed in the volume include: the relationship between a common currency and inflation convergence; the effects of monetary unification on Europe's increasingly integrated financial markets and fiscal systems; and EMU's implications for the EC's long-term growth.