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Since the birth of the euro in 1999, the international monetary system finds itself in a slow but historical transition from the uni-polar system of the US dollar hegemony to a bipolar or multi-polar system of the US dollar, euro and possibly Asian currencies. The purpose of the lecture is to understand current monetary issues in East Asia after the Asian crisis, and to search for a new monetary order in the region with the backdrop of the above-mentioned global change, drawing lessons from the European experience of regional integration in real and monetary economies. The autumn semester covers the history of European integration leading to the EMU (Economic and Monetary Union), and contemporary economic issues in the euro area. The spring semester concentrates itself upon monetary issues in East Asia such as the Chinese yuan (renminbi), Hong Kong dollar, Japanese yen and the Asian crisis. The two semesters are structured independently from each other, although students would obtain deeper insight by taking both.