There have been important changes in the global political scene since the beginning of 1990s. This report looks at one of the most important of those: The European Monetary union. If and when this union takes place, it will have dramatic impact on Europe as well as the rest of the world. Starting with the development of both the European Union and the monetary union within that framework, the report examines two different perspectives on the issue: British and German. There are four possible scenarios identified with regard to the monetary union. In the light of all the information presented, the report makes suggestions on the most likely and possibly the best solution.