Two developments are currently shaping Europe's financial and foreign exchange markets: Innovations, including the private use of the ECU, and the erratic fluctuations of the US dollar. Professor Nydegger analyses the causes and effects of these developments from the perspective of the world...

Last weeks' dollar crisis which ended with the devaluation of the dollar emphasised once more the need for a reform of the international monetary system. It also brought to the open the necessity to reorganise the EEC monetary relations. The floating of pound and lira seems to support this case.

The Commission of the European Communities, in the spring of 1970, accepted "A Plan for the Phases Establishment of An Economic and Monetary Union", based on the Barre-Memorandum of February 12, 1969, prepared by M. R. Barre, himself a former Commission member. This article deals with the still...