The ascent of the European Commission as an actor in the monetary integration process in the 1960s

This paper discusses macroeconomic and monetary policy making at the European Commission in the 1960s. The Commission, in its analysis, focused strongly on economic imbalances in the Community, as they could threaten the common market project. In order to strengthen the system of economic governance of the Community, the Commission advocated an improved monetary cooperation, in line with the internal logic of the integration process. This contrasted with the view of the central bankers, who took the international monetary system as the framework for their analysis. This paper shows the ascent of the Commission as an actor in the monetary area, notwithstanding the relatively limited provisions of the European Economic Community Treaty.