For a decade or more, leaders of Europe's Common Market countries have toyed with the tempting idea of forming a monetary union. Each time, attempts at linking national currencies were abandoned as premature because of widely different rates of inflation and economic growth within the European Community. The foundering dollar, though, has overshadowed these objections. Spurred by West German Chancellor Helmut Schmidt and French President Valéry Giscard d'Estaing, the Common Market is moving rapidly and seriously toward a new monetary scheme that would stabilize currencies of the nine member nations and thus enhance trade among them. It would also distance members...
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