This volume demonstrates how the road to closer economic and monetary integration in Europe is difficult and controversial due to many unresolved issues. The European Monetary System partially collapsed following speculative attacks on weaker currencies, throwing the timetable for monetary union into disarray. Deep recession and the breakdown of communism has reignited nationalism and ethnic tensions in Eastern Europe, casting doubts on hopes of a unified Europe. It includes a statistical appendix of the community from 1980 to 1994.