The European M:: metary System (EMS) is perhaps the only success story
of the Common Market since the First Enlargement. Its success, particul-
arly where the comnercial use of the ECU is concerned, has taken rrost
experts by surprise. So much so, that when the author tried to recommend
to his students a suitable and substantial work of study and/or
reference about the experience of the EMS and its possible future
evolution --- no book could be found. Thus, the author set out to write
the present work. The author's aim is not to give a historical account
of the EHS. Rather, the intention is to place the experience in a major
historical context wherein the System is seen an important transitional
phase on the road to the implementation of a full economic and rronetary
union (EMU) - When examining the earlier plans for an EMU which saw the
light of day between 1969 and 1970 (already so long ago!) clear reasons
emerge why the original six founder Member States of the EEC should have
found it logical to embark upon the road to an El'1U - "p=vided the
political will to do so existed". Thus, they had become highly
integrated and were conducting half their trade with each other. Then,
there was the desire to integrate still further ---- eventually leading
(perhaps) to a political union.
