CONTENTS: The Lessons of History; Stages of European Integration; The Role of Monetary Policy in the Integration Process; Common Currency as Pace-Setter for Political Union; The Labour Market & Social Union; Compensatory transfers; Possible Political Tensions; Institutional Arrangements & 'Good Money from Outside'; The Difficulties & Risks of Monetary Union; Barriers Against Deficits & Debts; Constitutional restraints; Ambivalence of the Political Union; Summary.