By Extrapolation: Stage 4
We have followed the project that is set out in the preceding pages as far as its Stage 3. At this point it has achieved most of what is required for the European Community’s monetary organisation. It has its own currency, which is equipped with an exceptional property — namely, constant value — a factor that will confer prestige as much as it will make for economic unification and progress. This currency will be issued and managed, under the aegis of the Commission, by a central institution which will function as a link and a regulator, linking the national currencies of the member states to each other and to foreign currencies. Each member state will retain its own central bank and its own currency; within its territory, only its own national currency will circulate and be used for payments.
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