Europe: An Idealistic and a Realistic Approach to Monetary Union
Even without the emergence of the oil crisis, supporters of the economic and monetary union had been proved a little too unrealistic in their original plans. In some respects, for example, regarding the paucity of the resources devoted to the European Reserve Fund, the members of the European Economic Community completely underestimated future needs. They also failed to take into account the fact that the economies of the individual member states are at different stages of development and therefore need different kinds of treatment and help. In view of this fact, any attempt to achieve a complete economic and monetary union by 1980 should have been regarded as being rather ambitious and most difficult to achieve.
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