The approval by the European Council at Maastricht of the Treaty amendments leading to economic and political union represented the end of a long process of study and negotiation. This process generated enormous interest from both academics and central bankers. Many thoughtful and influential contributions took the form of papers presented at conferences, in which both groups of researchers cooperated.

As we have already seen, the Council's approval of the new Treaty does not resolve all the issues related to economic and monetary union (EMU). The ratification procedure has encountered unexpected obstacles, and the exchange rate mechanism of the European monetary system has been under great strain. We are convinced, however, that the political and economic forces that led to Maastricht are long-run tendencies that will continue to operate, and that the process of monetary unification in Europe will also continue. Nevertheless, the Treaty itself prescribes that EMU will take place only if the transition is successfully managed, so that a strong degree of convergence is achieved.

Economic policy over the next few years will determine the outcome. The management of national economies with independent policies in a context of an increasingly credible process of convergence raises new questions, which require new answers.