Abstract
European Monetary Integration is, again, high on the political agenda. At the European Council in Dublin in April 1990 there was even an agreement that monetary union should be reached by January 1993, the date at which the internal market measures are scheduled to be completed. While it is natural for heads of government and state to push for monetary integration mainly for political reasons economists look at the economic costs and benefits. This paper therefore tries to answer the two fundamental questions an economist would like to ask about European monetary integration: 1. Why? That is, what are the economic reasons for advancing on the road of monetary integration? 2. How? That is, what “concrete steps” should be taken to take us where we want to go?
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