ABSTRACT
When I received the kind invitation of SUERF to give the Marjolin Lecture at the Frankfurt Colloquium of SUERF I became enthusiastic, because there is for me a close link between Economic and Monetary Union (EMU) in Europe and the name of Robert Marjolin. My introduction to the subject of Europe's monetary integration in fact goes back to my participation in a group headed by Robert Marjolin in 1974–5, exactly twenty-five years ago.
