Author: R de Kergorlay, Publication: Investment Analyst May 1963
Over five years after the Treaty of Rome, the UK’s role in the Common Market, and what that market should look like, was still a source of great debate. In this article, published in May 1963 in The Investment Analyst, R de Kergorlay attempted to demystify some of the complexities. The need for co-ordination of monetary and financial policies did not mean that members states of the EEC would have to adopt identical measures, he argued.
While the first stage of the Common Market had established the mechanisms and procedures of tighter coordination - and even the possible centralisation of decision-making on monetary matters, there was still plenty of discussion about how it would work in practice, and how best to approach the harmonisation of central bank policies concerning key currencies. All this resonates with us today.
As the UK grapples with Brexit, it is interesting to look back and see that many of the concerns that existed in 1962 still exist today, while acknowledging that a huge amount of effort went into creating monetary and financial unity among member states in what would go on to become the European Union.
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