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Further Essays in Monetary Economics (Collected Works of Harry Johnson) by Harry G. Johnson

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Chapter 12

Problems of European Monetary Union*

The rapid development of the commitment of the six members of the European Economic Community to the establishment of a common currency as the next essential step in the evolution towards European economic and political integration is in some ways surprising, given the recent troubles of the economic communities. But it is understandable, and can indeed be viewed as virtually inevitable, in the light of the political dynamics of relations within the Community and between the Community and the United States.

Within the Community, the disruption of previously agreed arrangements by the events leading up to and including the devaluation of the franc and the appreciation of the mark in 1969, obviously ...

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