Most of the industrial countries of Western Europe are politically committed to strive toward a monetary union with the circulation of a common currency set to begin early in the next century. The resulting replacement of national monies, and national monetary policies, is likely to have profound economic implications. The implications depend to some extent on the countries participating and may be different for the ins and outs of monetary union. As it stands, not all European Union countries are likely to participate in stage 3 of European economic and monetary union (EMU) from the outset. Some have already opted not to participate as part of the first group (Denmark and the United Kingdom), while others may be unable to meet the Maastricht criteria in time and may be ruled ineligible to participate from the beginning.

New Analytical and Policy Developments: New Analytical and Policy Developments