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56. 57. 58. 59. 60. 61. 62. Aspects of European Monetary Integration countries hold their gold and foreign exchange reserves in common, the Belgian and Luxembourg francs are maintained at parity, and each country's currency is legal tender in the other. Although in recent years there has been talk of the Luxembourg franc breaking its ties with the (less reliable) Belgian franc, on the whole the relationship has been a successful one. P. Coffey and J. R. Presley, European Monetary Integration (London: Macmillan, 1971).

15. , pp. 16-17. 2 European Monetary Integration: A New Initiative As a rule, there is nothing that offends us more than a new type of money. 2 Nevertheless, it was only in February 1964 that tax cuts, aimed at helping to promote this policy, became a reality with the signing of the Revenue Act by President Lyndon Johnson. As a result of this, the gap between potential and actual production visibly diminished and the American economy began to move more in line with the other Western growth economies, a fact witnessed by an acceleration in the American growth rate.

32. , pp. 206-207. 33. , pp. 206-209; C. P. Kindleberger, A Financial History of Western Europe (London: George Allen and Unwin, 1984), p. 44. 34. P. Dollinger, op. cit. (1964), p. 208. 35. R. J. Bartel, 'International Monetary Unions: The 19th Century Experience', Journal of European Economic History, 3 (1974), p. 689. 36. R. H. Tilly, Financial Institutions and Industrialization in the Rhineland, 1815-1870 (Madison, Wisconsin: University of Wisconsin Press, 1966), p. 20. 37. The Zollverein began in 1818 with the unification of the Prussian tariff and among the German states in 1828 with the establishment of northern, central and southern groups which were joined into one in 1833.

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