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The Maastricht Treaty seems to have locked the EU countries into a process that is likely to lead their economies to full monetary unification by the year 2002. Following the decisions taken at the Madrid European Council in December 1995, the main uncertainties have now been dispelled. An agreement was reached then on the name of the single currency, to be called the euro, and the timetable for its introduction was set. In spring 1998, the European Council will name the first group of EU countries to take part in EMU, that is, those member countries that meet the convergence criteria laid down in the treaty. The ECB will be established no later than July 1, 1998. On January 1, 1999, EMU will effectively start, with the rates of conversion between the euro and the participating currencies being fixed irrevocably. The ECB, in conjunction with the participating national central banks, will start using euros for its monetary policy operations, and new issues of tradable public debt will be denominated in euros. Most participating countries are likely to redenominate outstanding stocks of public debt from January 1, 1999. Banks and firms in the EU will have the option of operating in euros. In the first half of 2002, the national currencies of participating countries will be substituted by new notes and coins denominated in euros. The final changeover to the single currency will thus be completed by July 1, 2002, at the latest. All EU countries appear committed to the final goal, with the possible exception of Britain, although some of them may take longer to fulfill the criteria laid out in the Maastricht Treaty. Many operational uncertainties remain (Portes, 1996), and …