‘The Euro-bicycle: no sooner sat on it than the cyclist notices that he is riding uphill …’ On 14 December 1991, the German cartoonist, Ernst Maria Lang, takes an ironic look at the efforts made by the German Government to establish Economic and Monetary Union (EMU). In their enthusiasm, the German Chancellor, Helmut Kohl (left), Theo Waigel, German Finance Minister (centre), and Hans-Dietrich Genscher, Minister for Foreign Affairs (right), seem not to have realised that the rear wheel (social policy and security) is too small compared with the front wheel of monetary union.