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 single currency without the exchange rate mechanism * the relationship between the UK and Europe * accounts of moves towards monetary union in Austria, Portugal and Finland.