No economic union like the European Union (EU) and monetary union like the European Monetary Union (EMU) ever existed. As there is little or no experience that we can draw from the past, how the EU and EMU affect their members and the world are full of uncertainty and mysteries. Regardless which of the economic, monetary, political, and financial terms that is forthcoming, the formation of and the impact from the two unions would have another remarkable page in human history. A "jump into the dark" may end up showing futility and perhaps it holds promise of economic gains. Indeed, economists will continue to study the issues within the unions from time to time in order to better understand the conditions outlined by the EU and the EMU.

Bibliography: p. 157-160