Much has been written about EMU, mostly concerning its desirability and whether it will ever come to exist. Now it is here, and likely to stay. The 'next generation' of research on EMU is already under way, and this volume presents a significant sample of that research. The authors explore questions such as: How do central bankers who used to run their own banks now melt into a single pot? Are labour markets going to shape up? Is the euro becoming a world currency? The Impact of EMU on Europe and the Developing Countries is outward-looking, examining the impact of EMU on the rest of the world--the developing and transition countries--and the likely evolution of trade patterns inside and outside Europe. This book, written by leading authorities in the field, will appeal to researchers and graduate students by providing immediate access to a wide range of up-to-date work on EMU.