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November 20, 2003 • Renaissance Hotel • Washington, D.C.

The launch of the euro in 1999 has dramatically changed the global monetary order. But the future of the European Monetary Union (EMU) and the credibility of the European Central Bank (ECB) remain uncertain.

• Can the EMU persist and prosper without political union?
• If political union is unrealistic, what is the future of the euro?
• Will Europe's coming pension crisis undermine the Stability and Growth Pact and jeopardize the ECB's commitment to long-run price stability?
• What are the costs and benefits of joining the euro zone?

Those and related issues are the focus of the Cato Institute's 21st Annual Monetary Conference, The Future of the Euro, cosponsored with The Economist. This year's conference will be held at the Renaissance Hotel in Washington, D.C., November 20, and will feature many of the world's leading experts on international monetary policy.

Featured Speakers

Alan Greenspan Chairman Federal Reserve Board of Governors	James M. Buchanan Nobel Laureate in Economics	Anna J. Schwartz Research Associate National Bureau of Economic Research	José Piñera President International Center for Pension Reform	Václav Klaus President Czech Republic