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At the end of 2006, when this essay is written there are 25 member states of the European Union. Romania and Bulgaria will join by 1 January, 2007.
The first step on the way to the single European currency was taken only in 1979, when the European Monetary System was set up. The EMS was designed to lessen variations in the exchange rates between the currencies of the member countries. The system allowed the member states fluctuation margins of between 2.25 % and 6 %. But the system was weakened by several crises caused by the instability of the USD and the weakness of some currencies.
The plan about the economic and monetary union (EMU) ? submitted in June, 1989, by Jacques Delors - was involved in the Maastricht Treaty, signed in February, 1992...
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