The European Monetary Union Author: Jacob Almo & Daniel Jassen The advent of the new European Monetary Union (EMU) is quite fascinating. The history that has led up to the events that are occurring today is intriguing as well. History is in the making! The are many details involved in this process. There has never formally been anything like the system that is ready to be put in place. To put it in the words of one of the foremost economists of our time, Paul Krugman of the Massachusetts Institute of Technology, "The role of money itself remains ill understood in the neo-classical paradigm. How could one hope for theoreti