To form a more perfect economic union and to establish a single market financially, economically and politically, 11 European countries founded a common currency and a European Central Bank, and created a new monetary unit, the euro, on 1st January, 1999. On that date, the old national...

This paper outlines the organization structure of the European System of Central Banks, comprised of the European Central Bank and the central banks of European Monetary Union member countries. Also outlined are the policy procedures used by the European Central Bank as it implements a common...

This paper outlines the organization structure of the European System of Central Banks, comprised of the European Central Bank and the central banks of European Monetary Union member countries. Also outlined are the policy procedures used by the European Central Bank as it implements a common...

As an introductory chapter, this paper provides a summary of various issues pertaining to economic adjustments after the launching of the euro as a single European currency. Monetary union is viewed as a process of integration of capital markets and real sectors.