At the end of each stage, the progress made in all three areas should be scrutinised with a view to deciding, in the light of the result of that scrutiny, whether the next stage could be inaugurated. In the final stage, not only the monetary policy responsibilities but also, in particular, key economic and fiscal policy powers should be transferred to the Community.
But it soon turned out in the ensuing negotiations that, above all, the political leadership in France at that time was not prepared to make any such a conceptual commitment. Hence virtually all that was achieved was exchange-rate cooperation in the context of what later came to be known as the “Currency Snake”.