In 1970, economic and monetary union (EMU) had become the central issue in the discussions about the future progress of the European Economic Community. By the end of 1973, interest in it had diminished considerably and nobody seriously believed in its feasibility within the foreseeable future. At that time, one would have been tempted to write a post-mortem on the subject and consider it as yet another episode in the history of European integration, like the issue of the European Defence Community in the early 1950s, which would soon be forgotten. But was it really a page which had been turned once and for all? Was EMU destined to become the big non-event of the early 1970s?