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Globalisation, financial deregulation, a single European currency - what do all of these changes mean for the world economy? This book explores how increasingly financial integration affects saving, investments and consumption across countries, and how the choice of monetary regime is affected by a country's circumstances. At a time of unprecedented change in the international financial system, it provides a holistic view of the interaction between financial integration and macroeconomic activity. The first part of the book critically reviews and extends the existing debate on how easily capital flows between countries. The second half surveys and expands the theoretical and empirical evidence on choosing between having a single currency or multiple monies. These two aspects of the international economy are integrated into one readily accessible volume, which is comprehensive enough to be useful to specialists in international finance and sufficiently approachable to appeal to other academics, students and policy-makers.