Marco Buti is Director-General of the Directorate-General for Economic and Financial Affairs at the European Commission. Servaas Deroose is Director for the Macroeconomy of the Euro Area and the Union in the Directorate-General of Economic and Financial Affairs at the European Commission. Vitor Gaspar is Acting Director-General of the Bureau of European Policy Advisers at the European Commission. João Noiguiera Martins is an economic advisor to the Director-General of the Directorate-General for Economic and Financial Affairs at the European Commission.

• List of figures; List of tables; List of contributors; Foreword Joaquín Almunia; Acknowledgements; 1. Euro: the first decade and beyond Marco Buti, Servaas Deroose, Vitor Gaspar and João Nogueira Martins; Part I. Historical Perspective: 2. A long term perspective on the euro Michael Bordo and Harold James; 3. Sui generis EMU Barry Eichengreen; Comment Niels Thygesen; Part II. OCA Theory Revisited: 4. The OCA theory and the path to EMU Francesco Mongelli; 5. A modern reconsideration of the theory of optimum currency areas Giancarlo Corsetti; Comment Peter Hoeller; Part III. Monetary Policy: 6. ECB credibility and transparency Petra Geraats; 7. Some observations on the ECB's monetary policy Manfred J. M. Neumann; Comment Frank Smets; Part IV. Financial Markets: 8. The ECB and the bond market Carlo Favero and Francesco Giavazzi; Comment Domenico Giannone, Michele Lenza and Lucrezia Reichlin; 9. Financial market integration under EMU Tullio Jappelli and Marco Pagano; Comment Simon Hayes; 10. The international role of the euro: a status report Elias Papaioannou and Richard Portes; Comment André Sapir; Part V. Fiscal Policy: 11. EMU's decentralised system of fiscal policy Jürgen von Hagen and Charles Wyplosz; Comment Martin Larch and Lucio Pench; 12. Should we forsake automatic fiscal stabilization? Xavier Debrun, Jean Pisani-Ferry and André Sapir; Comment Gilles Saint-Paul; 13. Fiscal policy, intercountry adjustment and the real exchange rate in EMU Christopher Allsopp and David Vines; Comment Robert Kollmann; 14. Taxation policy in EMU Julian Alworth and Giampaolo Arachi; Comment Casper van Ewijk; Part VI. Growth, Trade and Volatility: 15. The impact of EMU on growth in Europe Ray Barrell, Dawn Holland, Iana Liadze and Olga Pomerantz; Comment Jörg Decressin and Emil Stavrev; 16. The impact of the euro on international stability and volatility Stefan Gerlach and Matthias Hoffmann; Comment Philipp Hartmann; 17. The impact of the euro on trade and FDI Richard Baldwin; Comment Karl Pichelmann; Part VII. Structural Reforms: 18. Labour markets in EMU: what has changed, and what needs to change Giuseppe Bertola; 19. How product market reforms lubricate shock adjustment in the euro area Jacques Pelkmans, Lourdes Acedo Montoya and Alessandro Maravalle; Comment Gert Jan Koopman; Part VIII. Enlargement and Governance: 20. Euro area enlargement and euro adoption strategies Zsolt Darvas and György Szapáry; 21. Governance in an enlarged euro area Iain Begg; Comment Jean Pisani-Ferry; References; Index.

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