ABSTRACT
The member countries of the EC have made considerable progress in recent years in their efforts to achieve greater convergence in their economic policies and economic development. Stability of the value of money as the prime objective at the national level and exchange rate stability as the common goal within the EMS have been achieved to a higher degree than ever before. The generally favourable economic and monetary situation provides sound prerequisites for achieving the objective of creating a single European market by 1992. This would fulfil essential preconditions for an economic union.
