ABSTRACT

A detailed analysis of the economic effects of the changeover to a unified European currency and the pressures caused by a dual-currency system over the transition period to the Euro. Subjects discussed include:* fiscal transfer payments: the implications of the US structure for the EMU* consequences of parallel currency 1999-2002* feasibility of a

chapter 2|8 pages

FISCAL TRANSFER PAYMENTS: IMPLICATIONS OF US STRUCTURE FOR THE EUROPEAN 23

Implications of US structure for the European Monetary Union

chapter 3|9 pages

EUROPEAN MONETARY UNION: SINGLE CURRENCY FEASIBLE WITHOUT THE ERM 31

Single currency feasible without the ERM

chapter 4|13 pages

THE SINGLE CURRENCY

chapter 5|7 pages

EMU

The obstacle race to success

chapter 6|20 pages

THE UNITED KINGDOM AND EUROPE

chapter 8|5 pages

FINLAND ON THE WAY TO THE EMU

chapter 9|24 pages

THE INTERNATIONAL COMPETITIVENESS OF EUROPEAN MANUFACTURING

Evidence from cost and price measures

chapter 10|6 pages

AUSTRIA ON THE WAY TO EMU*

chapter 11|5 pages

ADHERING TO THE CONVERGENCE CRITERIA

The case of Portugal