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A discussion of Poland's membership in the Economic & Monetary Union (EMU) as an expected consequence of EU membership focuses on possible options related to Poland's negotiating position. It is noted that there is no conflict between the EU & Polish negotiating positions in regard to the EMU. However, in light of current economic difficulties it is contended that the Polish position fails to ensure adequate flexibility in the timing to assume obligations related to EMU membership, especially its provisions about a single monetary policy. A review of the Polish negotiating position shows that Poland committed itself to begin preparations for participation at a fairly early date. The implications of this commitment are discussed, along with special problems related to the unilateral adoption of the euro. Suggestions are made for ways the Polish government & the Central Bank can improve the strategy for joining the EMU in order to both enhance EU membership & advance crucial Polish interests. J. Lindroth

The reductionist new materialism gripping contemporary political science understanding of preference formation is critiqued in the case of the monetary union in Europe. Contemporary comparative political economy counters to explanation based on interests, ideas, or institutions are not complete alternatives. Effective accounts of preference formation require exploration of factor interaction through a focus on the fundamental preferences over potential courses of prestrategic action. The author proposes a framework of basic postulates to deduce key features of the process of preference formation. Application of this framework to the case of the European Monetary Union describes the inadequacy of new material approaches in the cases of France, Germany & Great Britain. Preference formation is concluded to not be primarily about how institutions structure action but about how other factors induce preference change. References. J. Harwell

"The current study aims to analyze certain trends in reporting about the European Monetary Union (EMU) in the press of four EU countries: France, Germany, the Netherlands, and the United Kingdom. It examines the profile that the new currency has acquired when it was launched and particularly, the extent to which the currency is profiled in press reporting as a matter of national versus transnational as well as economic versus political significance. The purpose of this type of analysis is to examine the 'framing' of EMU. This study follows a well-established tradition in which media output is analyzed to examine how cumulative reporting of an issue (or a series of linked issues) results in a more or less coherent profile of the issue in question." (author's abstract)

Monetary coordination is high on the agenda of different regional organizations in Africa. Economic benefits of a common currency, like lower transaction cost, increased macroeconomic stability, or the shielding of central banks against political pressure from nationalist elites and their inclination for excessive spending are undoubtedly expected. But the most important underlying aim of monetary integration in Africa is derived from its history, particularly the legacy of the slave trade and colonialism, and the subsequent strive for pan-African ideals, which has become manifest in the promotion of African unity in a crisis prone continent. However, whether it is feasible to achieve this ambitious political aim with economic means of regional economic and monetary cooperation, is open to question. Experts and the international donor community periodically caution about diverting attention from the most pressing needs of African countries by pursuing over-ambitious monetary policies. African governments should get the priorities right, i.e. they ought to implement first sustainable solutions to the problems of crisis resolution and prevention, the fight against corruption and rent-seeking elites, in order to promote good governance, transparency and accountability. The realities of African economies suggest that the grand new projects of monetary unions are unlikely to succeed. In addition, it is questionable whether economic, result-orientated reasoning and the discussion of monetary concepts (e.g. that of the Optimum Currency Area or of the Original Sin), which might be duly applied to Western or Latin American societies, have the same relevance in the African context.

This paper analyses the main macroeconomic conditions for joining the EU and the European Monetary Union (EMU), the readiness of the Croatian economy to meet these conditions, and the main
challenges for economic policy on the road to these integrations. Croatia does not lag significantly behind the other CEE countries in fulfilling the criteria for EU and EMU membership. It has certain advantages with respect to the criteria of macroeconomic stability
(with the exception of the budget deficit), investment efficiency, and potential growth. However, delays in the implementation of some structural reforms, in particular the development of a securities market, are estimated at about four years. The main challenges for economic policy in the run-up to EU and EMU are expected to be reducing the budget deficit and stabilising the public debt. Moreover, macroeconomic policies should remain prudent so as to strengthen external stability
and maintain favourable conditions for growth.

Bromley ponders EU (European Union) nations' roles, the group's groundbreaking international cooperation, its division of political authority, & the nature of that authority's execution. Also examined are EU members' transformation through integration, the nature of the adaptive political form, & that form's possible relation to member states' politics. The demise of European imperialism is chronicled from the late 19th century through WWII. Shifts in power & alliance are evidenced by documentation of the General Agreement on Tariffs & Trade, the International Monetary Fund, & the North Atlantic Treaty Organization. Discussion of the EU's implementation & governance includes the 1951 treaty establishing the European Coal & Steel Communities & the 1957 Treaties of Rome. The EU's most significant supranational aspects are explored. The complexities & possibilities arising from EU member states' deference to the group's supranational status are elucidated. Descriptive instances of conflict resolution are included, & the role of international legislative organizations is discussed. 11 References. M. C. Leary

The utility of multi-level governance for comprehending European Union regional policy is considered; specific attention is dedicated to uncovering whether multi-level governance contributed to the establishment of regional partnerships & encouraged nations to expand their additionality requirements for European Union regional funds. Scrutiny of the interaction between domestic policies in the UK since the late 1980s & the UK's adherence to regional policies revealed that the UK tended to accept European Union policies that agreed with existing domestic policy; however, it is stressed that the degree of partnership between UK national & subnational entities & the regional government has improved since 1998. Nevertheless, analysis of the UK government's adherence to the European Union's additionality regulations demonstrated little coherence between domestic & regional economic & monetary policy. Despite the increasingly fragmented & disaggregated nature of the British state, it is concluded that the complete establishment of multi-level governance in the UK & in former communist nations in Central & Eastern Europe is unlikely. J. W. Parker

President John F. Kennedy's frequent visits to West European capitals created an image of the American dream that included Europe in a "transatlantic community that was symbolized by modernity, technological progress, & economic prosperity." The dream died with the president. Neither Lyndon Johnson nor Richard Nixon wanted such a cooperative economic relationship with Europe. This chapter examines the nature of the American challenge to Western Europe with regard to technological development & monetary policy, 1965-1973 -- its moments both of conflict & of cooperation. Focus is on what lay behind the policy shift & what happened in Europe as a result, ie, the development of a Europe-centered view of economic cooperation & development, without which the European Union might never have come to fruition. J. Stanton

This introduction describes the European Union as a new political system & defines the three phases influencing EU policy making since the mid-1980s -- the incorporation of the Maastricht agreement & the introduction of a single European market; emerging doubt about the Maastricht ideology; & the finalization & implementation of Economic & Monetary Union & the Common Foreign & Security Policy. It then looks at enlargement issues & the new uncertainties facing the Maastricht Treaty. The Europeanization of complex policy making is considered in a global context, & the dimensions of Europeanization are discussed. Conceptual tools that can be used for policy-making analysis in the EU are investigated. 2 Figures. K. A. Larsen

The relationship between multi-level governance & economic policy-making, especially within the European Monetary Union & within Central & Eastern European nations, is examined. Wallace Oates' (1972) concept of fiscal federalism is reviewed, & contemporary developments with the notion are identified, eg, the relationship between political decentralization & both market vitality & economic performance. After noting areas of methodological compatibility between multi-level governance & fiscal federalism, the capacity of both approaches to account for economic reform & decentralization in the former communist European nations & to explain the European Monetary Union's framework for policy coordination are evaluated. Despite the existence of international financial & economic organizations, it is asserted that individual nations are reluctant to relinquish economic authority to supranational organizations & that only the World Trade Organization truly functions as an institution of global economic governance. J. W. Parker