Monetary Integration in the 1960s

Európska menová integrácia v šesťdesiatych rokoch 20. storočia

Miriam Jankalová and Radoslav Jankal

Acta Oeconomica Pragensia, 2017, vol. 2017, issue 2, 85-97

Abstract: Initiatives dealing with the creation of the European Monetary System and the zone of monetary stability in Europe emerged in the 18th century, despite the fact that greater manifestations of these considerations and efforts only started in the 1960s and early 1970s. The proof is the Marjolin Memorandum of 24 October 1962 and the Barre Plan, presented in The Hague in February 1969. In October 1970, the Commission's initiative was followed by preparation of a plan for the progressive establishment of the Economic and Monetary Union, known as the Werner Report. Fundamentally different political views and approaches in the field of economics and integration, crisis phenomena in the Member States of the European Economic Community prevented the coordination of economic and monetary policy and the expected introduction of a common system of exchange rates. Other factors that contributed to that state were the currency crisis (1971-1973) and the oil crisis (1973-1974), as well as conflicts of interest between the French and German sides.

Keywords: integration; currency; policy; market; union; community (search for similar items in EconPapers)
JEL-codes: E00 E42 E50 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.18267/j.aop.576

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