The emergence of the Economic and Monetary Union is undoubtedly a high point in the history of the international monetary system. However, does it really mark the beginning of a new era? Not necessarily. A close analysis of the history of monetary systems suggests that any new stage involves changes to exchange rate regimes, to mechanisms regulating liquidity and to economic adjustment mechanisms. The introduction of the euro did not entail such far-reaching changes. However, the significance of the EMU must not be overlooked and developments around it should be followed closely. EMU's example seems to appeal most strongly to the countries of South East Asia, which are determined to tighten their cooperation in currency issues. These countries have certainly drawn conclusions from the currency crisis of 1997-98.

However, it is not only South-East Asia which is vitally interested in currency problems. A very interesting debate is under way in Latin America. The countries of this region, encouraged by the positive experience of the Mercosur, are willing to cooperate more closely than before. This cooperation is to include monetary policy. Monetary union is also being considered by Australia and New Zealand. Increased interest in close monetary cooperation seems to be the most important effect of the creation of EMU upon the international currency system.