In recent years, the discussion on the forms of organisation of the Franc Zone has again grown more controversial. The present article explains the functional structure of this currency association, and discusses the arguments of its critics.

No doubt the monetary measures taken by the Government of the Federal Republic on May 10 have caused quite a stir. The question is: Can the European economic and monetary union still be achieved, in spite of the German measures?

Every currency crisis of recent years has been accompanied by a migration of billions of short-term money. Both experts and laymen have again and again been amazed at the speed at which, at relatively short notice, these enormous sums could be mobilised.