This book investigates the operational mechanics and historical evolution of monetary and fiscal policy within the European Economic and Monetary Union (EMU). The authors, Jakob de Haan and Sylvester C. W. Eijffinger, leverage their expertise in European economic governance to provide a rigorous framework for understanding the transition to the third stage of the EMU. By synthesizing institutional data and legislative history, they construct a comprehensive analysis of how member states coordinate economic policy within a unified currency framework.

Experts frequently cite this work as a foundational text for understanding the complexities of the Eurozone's economic architecture. Readers often note the academic density of the prose, which makes it a standard reference for students and professionals in the field of international economics.