General introduction.- General introduction.- One: Currency Competition.- I. The theory of currency competition.- 1. The future unit of value.- 2. Currency competition: A sceptical view.- 3. Monetary integration and monetary stability: The economic criteria of the monetary constitution.- II. The history of currency competition.- 1. Private competitive note issue in monetary history.- 2. The Scottish banking system in the eighteenth and nineteenth century.- 3. The need for a lender of last resort.- 4. Further remarks on past experiences.- 5. The British monetary experience, 1797-1821.- III. The history of monetary thought on currency competition.- 1. Central bank monopoly in the history of economic thought: A century of myopia in England.- 2. Past justifications for public intervention.- Appendix to Chapter III. Free banking and currency competition: A bibliographical note.- IV. The current debate: The return to gold and the liberalization of banking.- 1. Backgrounder on the gold standard.- 2. Going for solid gold.- Appendix. Senate of the United States - Bill S.1704: To provide for the minting of U.S. gold coins.- Two: Monetary Union.- to Part Two. Which monetary integration?.- V. The European Monetary System.- 1. From the myth of the 'snake' to the myth of the 'E.C.U.'.- 2. Monetary Europe today: A cartel of central banks.- VI. Is the adjustable peg a viable option?.- 1. The adjustable peg: A viable option for the E.M.S.?.- 2. Monetary target or exchange-rate target?.- 3. The adjustable peg: An illusory compromise.- VII. Freely flexible exchange rates or a common currency?.- 1. Freely flexible exchange rates or a common currency? A new look at the issue.- 2. Political union and monetary union.- VIII. Exchange controls for ever?.- 1. Exchange controls for ever? The experience of the United Kingdom.- 2. Why do exchange controls exist?.- 3. A case for temporary exchange controls?.- IX. Towards a better European Monetary System.- Appendix to Bibliographical Note (Lawrence H. White).- The authors.- Index of names.