How to merge two iPhoto libraries on the same computer

Hello guys,
I want to merge the iPhoto library from my external hard drive with the iPhoto library on my iMac.
Is there any smart way to do it?
I have to say that importing all the photos from one library to another doesn't look too smart for me...

The real stupid thing is not that I just solved my own question, but the fact that exporting from one library and importing to the other one doesn't look so stupid when you actually do it .
I was able to keep my events and for the duplicates iPhoto kindly asked me what to do with them...

So yeah, the obvious way is the smart way this time!

Glad things worked out well.

How did you it

So what steps did you take to merge the two libraries? I am attempting to merge my wife's old iPhoto library into our new family library.