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The article examines the development and operations of two finance and payment settlement systems, the European Monetary Agreement (EMA) and the European Payments Union (EPU). The EMA funds for the European Fund and a multilateral settlements system. It is the designated successor to the EPU, to become effective when some Organisation for European Economic Co-operation (OEEC) charter nations have converted their currencies. The Fund will provide its members with credit in order to help them with balance of payments conflicts.

Examines the functions of the institutions for European integration. Development of European communities; Bicephalous nature of the Community power structure; Impact of enlargement on the institutions; Incremental approach to integration.