This paper considers two kinds of issues facing EMU. One concerns qualifications and membership: how qualifications are evaluated and which member states are likely to meet the criteria set for membership in the third stage of EMU in 1999. The other concerns the capacity of member states,...

This paper considers two kinds of issues facing EMU. One concerns qualifications and membership: how qualifications are evaluated and which member states are likely to meet the criteria set for membership in the third stage of EMU in 1999. The other concerns the capacity of member states,...

"Two important decisions in designing markets for tradable emissions permits are whether to allow banking and whether to allow trading in entitlements to future permits. Banking is predicted to reduce price instability when firms trade in a reconciliation market after the quantity of emissions...