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With the launch of the Euro, Europe's monetary landscape has changed fundamentally. The fourth edition of this textbook on monetary integration has been significantly rewritten to take account of these changes. New issues include: monetary policies in Euroland in the presence of asymmetric shocks; the mechanics of open market operations in Euroland; the question of wether the Eurosystem is too decentralized; the Target Payments system; problems of bank supervision and control in Euroland; the future of the euro in the international financial system; whether the euro will be a strong currency; and financial and banking integration in Euroland. This edition has been produced in a larger format, with clear figures and tables with relevant international data. Chapter conclusions provide a clear summary of each topic under discussion. Paul De Grauwe's balanced analysis continues to provide a clear account of all the crucial issues surrounding monetary union for undergraduate students of monetary economics and European studies.