The Euro has been in operation since January 1999 - just long enough to provide sufficient data for a first look at its actual performance. In contrast to the many other euro-studies that rely on forecasting and extrapolation from historical experiences, the eight studies in this book use post-1999 data to provide a first look at how the Euro is actually affecting trade, financial markets, macroeconomic policy making and Europe's economic performance. Although a definitive evaluation must wait for many more years of data, the studies by leading European and North American economists marshal the best available evidence to provide an early assessment. This volume offers the first empirical evaluation of the European monetary unification experience.