DIE KRISIS DER EWG (Ein neues Kapitel der Politischen Ökonomie)

Is the sentence by Friedrich List that economic and political unions are twins still valid, has it ever been? Starting with this question the author analyses the history and present state of the European Economic Community. Its development hitherto appears to have refuted List's words. A political union evolves from an economic union only if unity is secured by political and military forces. These forces and the necessary renouncement of sovereign rights could not be established by the European states. The author stresses particularly the problems of international finance and monetary reform. On their solution may depend the future of the European and even world economy. One important element of a new monetary system would be an European monetary union. As a condition, however, not only a common monetary policy but also common economic, transport, social and educational policies are required. Offences against these conditions are numerous. The author condemns above all independent actions by single member countries in matters of revaluation and floating of their currencies. He demands a fixed European monetary unit and the foundation of an European central bank on the basis of gold.