Abstract
The first official endeavours to bring about European monetary union were made when the system of fixed exchange rates was on the verge of collapse; in the intervening years the situation has hardly been more favourable than at the outset. Recently, however, things have started to look up again. While the dangers with which the world economic outlook is fraught point, no less clearly than in the past, to the crucial role of monetary unification for the survival of the Community, the difficulties which stand in the way of unification now seem to be less forbidding. The present paper draws attention to developments in the world economy and in EEC member countries that seem to justify this. In addition, some specific steps are suggested that would advance monetary unification.
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