In pursuit of our goal to take part in debates over the future of Europe, Notre Europe is publishing a series of collaborative studies that reflect our views under the title European Issues.

Our aim, however, is to work with academic and research communities within the framework of conférences or by commissioning papers from experts reflecting their personal views.

The first such paper has been commissioned from Pierre-Alain Muet, Professor at the Ecole Polytechnique and Director of the Econometrics Department of the Observatoire Français des Conjonctures Economiques (OFCE). It concerns one of the fundamental questions facing us: how best to stimulate long lasting economic development and job creation in Europe?

In this respect, a look at the recent past is prerequisite for, as the author demonstrates, from 1992 onwards, higher economic growth and employment could have been possible, had there been any real coordination of national economic policies.

This paper represents one of the best introductions to the research activities and agenda that Notre Europe is developing to promote a balanced approach towards Economic and Monetary Union, an approach which corresponds to both the letter and spirit of the Maastricht Treaty.