The Maastricht Treaty of 1992 commits the European Union of 15 states to create a monetary union involving a single currency by 1999. Peter Kenen, a leading American international economist, has produced a scholarly yet accessible discussion of the monetary requirements of Maastricht and the desirability and feasibility of monetary union along with some suggestions for improving the likelihood of its successful introduction. The European Monetary Union has become such a heavily charged issue that Europeans have trouble discussing it dispassionately. It is not even on the agenda for the important Intergovernmental Conference set to begin in 1996. Kenen offers the cool analysis of a sympathetic and well-informed outsider. His book provides a superb review of the technical literature, helpful to specialists and interested non-specialists alike.