MONETARY UNION PROMISES TO BE LONG AND ROCKY ROAD FOR EUROPE

A controversial blueprint for monetary union within the European Community has survived its first debate by finance ministers, but failed to win unanimous support. The plan urges a three-stage process starting on July 1, 1990, and culminating at an unspecified time in a single currency and joint fiscal and monetary policy.

Following the debate it became clear that the report is likely in the coming months to uncover deep splits on economic and political policy among the 12 EC nations.