European Economic and Monetary Union is currently in the course of preparation by an inter-governmental conference. What are the benefits and risks associated with European monetary union? What essential requirements need to be fulfilled when the agreements are concluded?

Trade policy will have to be unifled if the member states of the European Community are to achieve their declared objective of creating a homogeneous internal European market by the year 1992. On what principles should such a Community trade policy be based?

Critics of the EMS claim that it has failed to realise the hopes aroused at the time of its inception; a convergence of economic policies, they maintain, has not been induced by fixed exchange rates. What is the true position with regard to the convergence of economic policies?