By December 1969, a major period of European integration, dominated by the establishment of a customs union, was over with the end of the twelve-year transition period. Meanwhile, the monetary crises of the last two years had made it clear that negative integration would not be sufficient for the survival of the European Community. Instability in the exchange markets had put customs union in great danger. The disturbing effect of the monetary crises had been exacerbated in the case of CAP, the only important achievement so far in the field of positive integration. Moreover, serious disagreements between France and the Five on the question of British entry into the Community further contributed to the atmosphere of malaise which prevailed in the Community in 1969.