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.