"The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro area's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national central banks. This CESifo volume examines issues that have arisen in the first years of ECB monetary policy and analyzes the effect that current ECB policy strategy and structures may have in the future."--Jacket.