ABSTRACT
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The immediate ancestry of a European single currency and monetary union can be traced to the establishment of the European Economic Community (EEC) in 1957. Since then, there have been attempts to establish a European exchange rate system, but in recent years, according to PINDER, the attempt at monetary integration and, ultimately monetary union has assumed greater urgency for three main reasons. First, monetary union can be viewed as a response by European policy makers to the increases of intra-European trade, which has meant that different currencies and fluctuating exchange rates have become an increasing nuisance. Second, politically, there was a continual search for increased stability and security in Europe, which crucially hinged on anchoring Germany within Europe. And third, many economic interest groups perceived a single unified and integrated European economy as serving their interests.
