No. 133 - Progressing towards European Monetary Unification: Selected Issues and Proposals

The paper discusses selected issues related to monetary unification that the Delors Report addressed only implicitly. The first issue treated in the paper is the objective of monetary unification itself, the conditions and ways to achieve it. The second issue regards the institutional developments required for a smooth transition towards monetary unification. Finally, the paper examines the conditions under which the existing national currencies can be substituted by a common currency, so as to bring about the full realization of monetary unification.