Abstract
When the Treaty of Rome was signed, a primary objective of the EEC was to create a customs union between six national economies. Agreeing a common external tariff and trade policy and phasing out internal tariffs and quotas took a decade. Enlargement and the collapse of fixed exchange rates in the IMF system followed. By the late 1970s, with most internal tariff barriers abolished, EEC policymakers turned their attention to two different, but related problems: non-tariff barriers and money. The SEA and its internal market programme were primarily concerned with eliminating non-tariff barriers and transforming international trade between member states into competition within a unified market. The ‘Snake’, the EMS and the EMU section of the TEU addressed the problem of exchange rate instability and the introduction of a single currency. EMU was designed to underpin the internal market.
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