Introduction: What Went Right? The Emperor, the Kings, and the Genies ; 1. Rules and Institutions in Multi-Country Economies ; 2. Capital Mobility: Why is the Treaty not Implemented? ; 3. Lessons from the European Monetary System ; 4. The ECU's Coming of Age ; 5. After the Single European Act: Efficiency, Stability, and Equity ; 6. The EMS is not Enough: The Need for Monetary Union ; 7. The Delors Report: From Intentions to Action ; 8. Monetary Union and Competition ; 9. Fiscal Compatibility and Monetary Constitution ; 10. Monetary Union and Political Union ; 11. On the Eve of Maastricht ; 12. After the Storm.