Perhaps the EEC should move to a common currency, but there is no reason to rush towards such a dramatic change. According to optimal currency area theory, the current system of limited flexibility within the EEC is ideal. Any move to a common currency should be flexible in that it initially allows member states the ability to use national monetary policy if necessary. The British proposal allows just this kind of flexibility.
Susan B. Shulman,
A Rapid or Evolutionary Approach: The EEC's Adoption of the ECU as a Common Currency,
Nw. J. Int'l L. & Bus.