There were fears over what direction a rebuilt Germany would take.
The European Council tasked Pierre WernerPrime Minister of Luxembourgwith finding a way to reduce currency exchange rate volatility. It recommended the sale of state-owned businesses to raise funds. Beginning on 1 Decembercoins and notes were distributed from secure storage, first to large retailers, and then to smaller ones.
However, the success of the ECSC led to the members signing two new treaties inboth called the treaty of Rome. Germany does not want to write a blank euro check just to reassure investors.
By trade within the common market had increased fivefold. On the other hand, critics of the Euro argue that it produces negative consequences, such as giving the ECB the power to set monetary policy for the entire Eurozone.
To manage the ECSC, the treaty established several supranational institutions: a High Authority to administrate, a Council of Ministers to legislate, a Common Assembly to formulate policy, and a Court of Justice to interpret the treaty and to resolve related disputes.
Second, eurozone countries must agree to cutbacks in spending.