Thomas Moser is a staff economist at the central bank of Switzerland, and a lecturer of economics at the University of Zurich, Switzerland.Bernd Schips is a Professor of Economics at the Swiss Federal Institute of Technology (ETH) in Zurich, Switzerland, and Director of the Institute for Business Cycle Research (KOF) at the ETH. He is a member of the advisory board of IFO-Institute, Munich, Germany, and of the Centre for European Economic Research (ZEW) at the University of Mannheim, Germany.

• 1. EMU, Financial Markets and the World Economy: An Overview.- I. EMU and the International Monetary System.- 2. How Does EMU Affect the Dollar and the Yen as International Reserve and Investment Currencies?.- 3. May the Euro Increase Exchange Rate Volatility?.- 4. EMU and Transatlantic Exchange Rate Stability.- 5. A Game Theoretical Approach to Monetary Policy: What Strategy for the ECB?.- II. EMU and European Capital Markets.- 6. The Impact of Diversification Opportunities in European Capital Markets.- 7. Bank Portfolios in Euroland.- 8. Financial Markets and the Euro Victor.- III. EMU and Macroeconomic Policy.- 9. Symmetry or Asymmetry in European Dollar Policies? Evidence from the Core Countries.- 10. Monetary Integration and the Value of Waiting.- 11. International Spillovers of Macroeconomic Shocks: A Quantitative Exploration.- 12. Fiscal Policy under EMU: An Overview.- IV. EMU and Countries Outside the Euro Area.- 13. Business Cycles in Switzerland: An Empirical Analysis of the German and the U.S. Effects.- 14. Getting Fit for the EU: A Currency Board for Poland.- 15. Eastern Europe and the Euro Area.- 16. Will the Euro Hurt Industrialization of Europe’s Southern Trading Partners? Evidence from Industrial Panel Data.- 17. EMU, Euro and EU-Membership: An Evaluation from the Turkish Macroeconomic Perspective.