ere are two major long-term goals of the EC. à 4.ls1
2"A Blueprint For Europe: When The Dreaming Has To Stop," ì
The Economist, 15 December 1990, 14-15.
is the integration of the economies of the member countries, ì
while the second is political unity among the member countries. ì
The pursuit of economic integration has been both more rapid and ì
more successful than has the pursuit of political unity. ì
Economic integration, however, has also been beset with ì
Membership negotiations began in 1970 between the six member ì
countries of the EC and Denmark, Ireland, Norway, and the UK. ì
The four non member countries on 22 January 1972 signed a Treaty ì
of Accession to the EC. The citizens of Norway in a referendum ì
rejected membership in November 1970. In the early-1980s, Greece ì
was brought into the EC as a full member, and in 1986 both ì
Portugal and Spain were brought in as full members of the EC. ì
Sweden and Austria became members on 1 January 1995.ì
In the summer of 1978, the member countries of the EC agreed ì
to the formation of the European Monetary System (EMS), and the ì
organization became a functional reality in March 1979. ~ 4.ls1
3D. W. Urwin, The Community of Europe, 2nd ed. (London: ì
the UK was a member of the EMS from its inception, the country ì
was not a participant in the major function of the system-- ì
exchange rate management, which involves operation of the ì
Exchange Rate Mechanism (ERM), throughout most of the ì
organizational existence of the EMS. + 4.ls1
4A. Scott, "Britain and the E.M.S.: "An Appraisal of the ì
Report of the Treasury and Civil Service Committee," Journal of ì
Common Market Studiesô, 24 (1986): 187-201.
= 6 á2 ìèERM did not begin until October 1990. ¦ 4.LS1
5A. G. Haldane, "The Exchange Rate Mechanism ...