INTRODUCTION

That the progress of the European unification process, so vigorously begun in the 1950s, has come to a virtual standstill, is hardly newsworthy today. But what remains interesting is the fact that important initiatives launched by the highest leaders of government in the member states of the European Community (EC) to stimulate progress toward European unity, have fizzled or may encounter strong opposition. A striking example of such initiative is the plan to establish an economic and monetary union (EMU). During the Summit Meeting of EC heads of government in December of 1969 it was announced with much fanfare that the creation of the EMU should become a high priority goal of the EC member states. In March 1971 the EC Council of Ministers confirmed this objective by declaring that by 1978 the Community was to "form an individual monetary unit within the international system."¹ Three stages of development were envisaged with transitions from one stage to the next set for specific years (1973, 1975, and 1978). However, these deadlines were not maintained and most observers feel now that the prospects for an EMU are very dim.