MICHAEL ARTIS Director, Manchester Regional Economics Centre, Institute for Political and Economic Governance, University of Manchester, UKSTEFAN COLLIGNON Professor of Political Economy, Sant'Anna School of Advanced Studies, Pisa; Chairman, Scientific Committee of the Centro Europa Ricerche (CER), Roma, ItalyGIORGIO FAZIO Lecturer in Economics, DSEAF, University of Palermo, ItalyPAUL DE GRAUWE Professor of International Monetary Economics, Faculty of Economics and Applied Economics, Katholieke Universiteit Leuven; Research Fellow, Centre for Economic Policy Research, UKERIK JONES Resident Professor of European Studies, Johns Hopkins Bologna CenterFRANCISCO TORRES Professor and Head of Research, IEE, Catholic University, Lisbon, Portugal; Coordinator, European Studies Programme, Portuguese National Institute for Public Administration, PortugalANTIMO VERDE Professor of International Economics, Università degli Studi della Tuscia, Viterbo, Italy

• Preface Introduction; L.S.Talani Some Thoughts on Monetary and Political Union; P.De Grauwe European Fiscal Policy Coordination and the Persistent Myth of Stabilization; E.Jones The Role of Preferences and the Sustainability of EMU; F.Torres Globalisation vs. Europeanization: Assessing the Impact of EMU on Business Cycle Affiliation; M.Artis EMU and the Euro-Mediterranean Dialogue: Trade Interdependence Between Mediterranean and Euro-area Countries; G.Fazio In and Out of Monetary Unions: Lessons from, and Risks for the EMU: An Alternative Approach to Monetary Unions; A.Verde EMU and the Quest for Competitiveness; L.S.Talani The Lisbon Strategy, Macroeconomic Stability and the Dilemma of Governance with Governments: Or Why Europe Is Not Becoming the World's Most Dynamic Economy; S.Collignon Conclusion: The Future of EMU; L.S.Talani

'The Future of the EMU is a very timely and comprehensive study...The author skilfully shows the relationship between the EMU, strutural reforms, exchange rate policies and the unemployment problem...It would be a good tour de force for people who are interested in the different aspects of European integration' - Mustafa Kutlay, Turkish Weekly