The birth of the Euro

1. The euro in 2008

2. Historical background : The rocky road to monetary union ; The decision in Maastricht ; The convergence process ; Farewell to the national currencies ; The countdown begins ; The euro area

3. The ECB and the foundations of monetary policy : The statute ; The decision-making bodies ; Preparations for the single monetary policy ; Monetary policy options ; The ECB's stability-oriented monetary policy strategy ; The instruments of monetary policy

4. The ECB : monetary policy for a stable euro : Orientations in the ECB Governing Council ; Assuming responsibility for monetary policy ; Monetary policy success: a stable euro ; Monetary policy-making in the ECB Governing Council ; Transparency, communication, accountability ; Monetary policy and the exchange rate ; The euro as an international currency ; Economic theory and monetary policy practice

5. The central bank and monetary policy in the EMU framework : Fiscal and monetary policy in EMU ; Policy coordination in EMU ; Does one size fit all? ; The enlargement of the euro area ; Monetary union without political union?

6. Europe at the crossroads.