| Popis: |
The European Economic Community, starting in 1958, left monetary policy as a national responsibility. Art. 105 and 108 EEC Treaty only weakly restricted monetary autonomy by demanding the member states to treat their economic and exchange rate policy ‘as a matter of common interest’. At the time of the Bretton Woods Monetary Order, exchange rates were fixed to the US-$ with a small bandwidth of +/-1 per cent. EC founding member states agreed to narrow the bandwidth for their currencies to 0.75 per cent — a first small hint of ‘a common interest’. |
