In an article for the monthly publication Louvain published in December 2001, a few days before the entry into circulation of the euro, Baron Alexandre Lamfalussy, former President of the European Monetary Institute (EMI) and Emeritus Professor at the Catholic University of Louvain (UCL), outlines the successive stages and the difficulties involved in the implementation of Economic and Monetary Union (EMU), laying particular emphasis on the role played by the EMI.