ectives of the three communities are as follows:
1. EURATOM: (a) supplement and coordinate the nuclear research conducted by member countries; (b) pool scientific information; (c) promote the training of scientists and techni cians; and (d) the establishment of a common market for nuclear materials and equipment.
2. ECSC: (a) the establishment of a common market for coal and steel; and (b) the establishment of a common energy policy for member countries.
3. EEC: (a) the establishment of a customs union for member countries; (b) the establishment of an economic union, 3which includes (1) common transport policies, (2) common exter nal trade policies, (3) the prohibition of agreements or prac tices which restrict, prevent, or distort fair competition among member countries, and (4) the coordination of financial, commercial, economic, and social policies; and (c) the estab lishment of a common agricultural policy.
In 1970, membership 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 Com munities (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 ...