Gathering together the papers presented at the Madrid Conference on Optimum Currency Areas in 1970 this volume represents one of the first complete surveys of the theory and policy implication of monetary integration. The book discusses:

the economics of fixed exchange rates relevant to monetary relations within an integrated monetary area

the evolution of economic doctrine and a survey of optimum currency area theory

problems of policy co-ordination within a currency area

relevance of the monetary-fiscal policy mix

problems of monetary union in developing countries

the book predicted the establishment of an European currency but presented the case for greater flexibility of exchange rates as an alternative to currency unification.