The topic of the Intereconomics/CEPS conference for which this paper was written was framed as a question: convergence or divergence in the EU? I am prepared to give an unambiguous answer. That answer is yes.

On December 4/5, 1978 the heads of states and governments of the EC-member states are meeting in order to take decisions on the new European Monetary System agreed on at their Bremen summit. The problems of monetary integration in Europe are discussed in this article.