At the launch of the Euro, predictions about what has been dubbed "Euroland" were mixed. Supporters say the unprecended switch to a single currency will benefit business and consumers alike. But critics warn that EMU is a giant leap into the unknown. The purpose of this book is to bring together the available evidence to date about EMU, focusing on European monetary and fiscal policy. Sylvester Eijffinger and Jakob de Haan have produced a forward-looking account of the issues surrounding monetary integration. Their analysis includes the functions and goals of the European Central Bank, the Treaty on European Union, the Stability and Growth Pact, and the harmonization of taxes. They go on to discuss the targets and instruments of European monetary policy, the relationships between the "ins" and "outs" within Europe, the integration of European financial markets, and the competition between financial institutions in Europe. Finally, the international role of the Euro and future of international policy co-ordination are investigated.