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Abstract
A number of the characteristics described in the previous section as in principle necessary or desirable for monetary integration have evolved within the European Economic Community (EEC) since the entry into force of the Treaty of Rome on January 1, 1958, setting up the Common Market. The clearest example is the openness in merchandise trade, as shown by the rise in the proportion of intra-EEC commodity flows in total foreign trade from one third in 1958 to one half in 1982; but a similar trend has also been evident in other markets, such as services and capital.9 It is therefore not surprising that initiatives and plans for European monetary integration began to flourish toward the end of the 1960s.10
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