While the Maastricht Treaty envisages a single European Currency as part of the Economic and Monetary Union, it contains no detailed instructions as to the practical arrangements for its introduction. Despite prolonged discussions and negotiations at various levels, no consensus has so far been...

International investment flows have increased rapidly with the growing globalization of markets and production. These flows will be of greatest benefit to the world economy as a whole if they can be based on a transparent and predictable system of generally recognized rules. What strategy should...