A detailed analysis of the economic effects of the changeover to a unified European currency and the pressures caused by a dual-currency system over the transition period to the Euro. Subjects discussed include: * fiscal transfer payments: the implications of the US structure for the EMU* consequences of parallel currency 1999-2002* feasibility of a single currency without the exchange rate mechanism* the relationship between the UK and Europe* accounts of moves towards monetary union in Austria, Portugal and Finland.