This volume contains the proceedings of a conference held in 1990 on the theme of "Exchange Rate Regimes and Currency Unions". The papers are all devoted to theoretical and empirical analyses of systems of fixed and flexible exchange rates, to the role of central bank behaviour and other government policies in such systems, to the prospects, workings and effects of a European monetary system, and to topics of capital mobility and economic integration in general. Among issues of special current interest, this book includes discussions of the monetary integration of Eastern Europe into the world economy, the entry of Southern countries into the European Monetary Union, and the role of the central bank independence. This volume also includes summaries of the discussion of each paper. The contributors to the conference represent diverse European countries and include leading writers in the areas of monetary and international economies.