Macroeconomic Policy Coordination in Europe: The ERM and Monetary UnionDespite the progression towards the formation of European Monetary Union (EMU), there still exists considerable disagreement between economists about the relative merits of the current European Monetary System (EMS), EMU, and a return to independent policy under floating exchange rates. This book is designed to contribute to this debate on monetary union in Europe by using large scale macroeconomic models of the world economy, including the OECD