The decisions taken at Maastricht seem to have finally removed the obstacles to European monetary union. So have the monetary questions really been settled? Is the process of monetary convergence irreversible?

On January 1, 1981 the southward extension of the EC starts with the accession of Greece. Spain and Portugal are to follow suit in the near future. The consequences in the industrial sphere will be less spectacular than those in agriculture but still of considerable importance for the process of...