List of contributors. Remarks on European Monetary Union banking issues (C. Kindleberger). Introduction (I. Finel-Honigman). Part I: Issues of Risk and Instability. Macro financial stability policy: an overview for a globalized world (H.P. Gray). EMU led by the Bundesbank: in defense of the skeptics (R.M. Dunn, Jr.). Survey of bank failures in non-U.S., G-10 countries since 1980 (P. Bartholomew, B.E. Gup). Part II: Historical Models and Contingencies. Banking, commerce, and political sovereignty: European antecedents (B. Shull). Credit lyonnais: case study of an EU anomaly or blueprint for the future? (I. Finel-Honigman). The European Union payment systems: early lessons from the Federal Reserve and the Reichsbank (R.J. Phillips). Part III: Regulatory and Competitive Environment. The political economy of banking regulation and implications for competition in Germany (E. Wenger, C. Kaserer). Deregulation, strategy, bank performance, and efficiency: the Spanish experience (I. Hasan et al.). The euro's impact on the European Union financial markets and banks (S.S. Rehman).