ership negotiations began between the six member countries of the European Communities and Denmark, the Irish Republic, Norway, and the United Kingdom (UK). On 22 January 1972, these four countries signed a Treaty of Accession to the European Communities. Through a referendum in November of that year, Norway rejected membership in the European
4Communities (Paradalis, 1987). In the early 1980s, Greece was brought into the European Communities, as a full member, and, in 1986, both Portugal and Spain were brought in as full mem bers of the European Communities (Pomery, 1983).
In the summer of 1978, the member countries of the Euro pean Communities agreed to the formation of the European Mone tary System (EMS), and the organization became a functional reality in March 1979 (von Ypersele, 1985). While the UK is a member of the EMS, it is not yet a participant in the major function of the system, which is exchange rate management, which involves operation of the exchange rate mechanism, or ERM (Scott
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