ABSTRACT
The purpose of this paper is to review the economic theory relevant to the subject of monetary unions, in principle to provide a background for the remainder of the conference. This is a difficult assignment, for there is only a small bit of theory that is directly and strongly relevant to the topic, whereas the amount of theory that is of possibly significant relevance is huge – too large to cover in a single paper of moderate length. Accordingly, I have had to make some difficult and debatable choices regarding content.
