Introduction

This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book provides a general account of where the European Union (EU) stands today. It offers a detailed analysis of the Economic and Monetary Union (EMU), and focuses on why it proved so vulnerable to crisis. The book argues that the architecture of the EMU is basically sound and that its benefits for member countries outweigh its disadvantages. It explores the prevalence of cost-benefits analysis in evaluations of the EU’s desirability and viability. The book considers an issue that seems to place nationalistic sentiments at the front of member nations’ concerns: migration. It also offers a detailed account of the German labour market reforms of the early 2000s. The book provides a valuable overview of the economic and political calculations that underlie the stance adopted toward the common currency by twelve Eastern European countries.