Despite the fact that economic analysis cannot alone fully grasp a subject such as EMU, which was so eminently political, nevertheless it still remains indispensable to its study. It helps to clarify the meaning of EMU, the main implications and the relative advantages and disadvantages which may result from it. It also helps to identify economic factors, which may differ from one country to another, affecting the size of such advantages or disadvantages and consequently influencing the policy followed by each country.