Economic Monetary Union
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Economic and Monetary Union Since WW II
Economic and Monetary Union research papers show that since the conclusion of World War II, several of the most economically significant European countries had formed an informal coalition for the purpose of creating greater stability within the region. This alliance was formalized in the late 1960s and early 1970s with the formation of the European Economic Community, comprised of:
The stated goal of the organization is economic and monetary union (EMU). Although eventual integration of European currencies was a distant goal of Economic and Monetary Union, the more pressing concern was instilling greater balance and economic unanimity throughout Europe. The original measures formulated to ensure these ends included limiting the fluctuation of international exchange rates, the development of an international bank, and the integration of continental markets. The pressing need for these changes was emphasized by the monetary crisis that occurred in the early 1970s. However, this proved to be a significant setback to the early integration efforts of the member nations. By the end of the decade, the Exchange Rate Mechanism (ERM), designed to limit the variances in currency valuation between countries, was in place.
The 1980's and the Economic and Monetary Union
In the 1980s, the Economic and Monetary Union was focused upon heightening the integration of the European market as a means of bolstering the continent's financial strength and positioning it as a viable competitor in trade with the most formidable of international competitors, such as Japan and the United States. This process was rendered difficult by lingering nationalism between some of the member nations. However, eventually the members of the group became sufficiently aligned to function as an integrated unit in determining the best economic interests of Europe as a whole.