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Explores how European monetary systems have become an heterogeneous conglomerate with the passing of time, questioning the failures of the modern gold standard and the international monetary fund. Asks what kind of monetary and economic union is desirable, examining the choice in terms of the monetary and economic systems. Offers practical measures for the realization of a free and stable monetary and economic union which can be taken at community and national levels. Concludes with an examination of the problems of the accumulated US dollar in European central banks.

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