Abstract
Tbe paper commences with an examination ofthe nature of European Intégration during the 1990s and locates Economie and Monetary Union (EMU) within the dynamics of this intégration. Thèse dynamics are both exogenous and endogenous and contain within tbem the potential for intégration and désintégration, a paradox clearly évident in the notion and application ofEMU, that me may observe as a metaphorfor Europe 's unique brand of régional co-operation. Cumnt institutional déficits are explored with référence to the accountability and legitimacy ofthe EMU project and the Euro 's impact on European intégration in the médium term.
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