By Peter Coffey (auth.)

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Onida's dissatisfaction with Mundell's equilibrating mechanism leads him to set down an action programme of economic development for the European Economic Community- without actually defining a criterion for either an optimum currency area or an economic and monetary union. However, Onida's emphasis on economic and regional development lead us to believe that in reality. Onida might in both cases use a similar level of economic and regional development as his criterion. Until the time for fixed exchange rates is ripe, he favours parity changes, capital controls and inter-government co-operation.

Finally, it is necessary with regard to the Five to consider the possible existence of complementarity andjor comparative advantages. These countries are all heavily industrialised and only the Netherlands and Denmark can be considered to have an important agricultural sector. If, however, size is an important comparative advantage, then this is West Germany. ) which constitute a comparative advantage. This examination does underline the existence of two groups of countries within the Common Market which are at two different stages of economic development.

And both went so far as to consider the creation of an economic and monetary union. These economists were Scitovsky6 and Balassa; 7 their work has a particular relevance to our banking and monetary considerations. Like Viner, Meade, Tinbergen and Balassa, Scitovsky favoured a large customs union area because such an area would tend to be more conducive to the utilisation of economies of scale and the principles of standardisation and specialisation. Also, through competition, he anticipated an efficient relocation of productive resources.

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