The problem of a monetary union is now before the Common Market authorities, in relation with the problem of a politieal union. We must define the monetary institution to be attained and eoneeive the sueeessive steps of progress. For the development of the market, money must be an instrument of integration. The final aim must be a eommon eurreney, in a eurreney area submitted to a eommon eeonomie poliey. This eurreney should be unbreakable, but a system alike to the Federal Reserve System would be advisable, rather than an unitary system. The first "technieal" steps include a reduetion of the...