The European Plan for the Creation of a Single Currency

Abstract

Since 1970, the instability of flexible exchange rates, the development of international finance unrestricted by national borders, and the difficulties of national monetary policies have inspired numerous reform projects. With the dollar effectively our global currency for want of any other, the question of a world currency, as a unit of reference and of payment, frequently arises. ‘Get ready for a world currency,’ runs a headline in The Economist (9/1/89).