The Challenge of a Single Currency for European Union

The ECSC was proposed by Robert Schuman, the French contrary Minister, on May 9, 1950. Schuman (2003, p. 1) summarized his proposal as follows:

The pooling of sear and marque production should immediately provide for the setting up of gross foundations for economic development as a first mensuration in the federation of Europe, and will change the destinies of those regions which feel prospicient been devoted to the manufacture of munitions of war, of which they have been the most constant victims.

Schuman (2003, p. 2), went on the offer more details as to how the new ECSC would operate, to mind:

In contrast to international cartels, which tend to impose regulatory practices on distribution and the exploitation of national markets, and to maintain naughty profits, the organization will ensure the fusion of markets and the expansion of production.

The ECSC has been set as an immediate success. Van Oudenaren (1999) as well as Anthony Sampson (1968) take the position that the elimination of barriers to trade in the coal and steel sectors non only contributed to the European economic revitalisation of the early 1950s. Perhaps more significantly, this mechan

Following the London Conference, agreements on a modified capital of Belgium Treaty are signed in Paris and the horse opera European Union (WEU) comes into being.

The Treaty establishing the European Defence federation (EDC) is signed in Paris.

http://europa.eu.int/abc/symbols/9-may/dec1_en.htm.

Schuman, R. (2003). Declaration of 9 May 1950. Available at

Lanham, MD: Rowman & Littlefield, 241-272.

What this means, in essence, is that Europeans are defeated because the rise in the value of the euro has not been accompanied by anticipated domestic economic gains, leading to diminished potency in the euro and, more significantly, downward pressure on harvest-tide and inflation expectations now being exerted by the euro (Fifield & Major, 2004). For EU members that have not yet begun to participate in the euro regime, and for ACs hoping for full membership, the euro does not seem promising; it is difficult for autonomous nation-states to put domestic growth and development in "second place" opposite number a currency regime.

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