"There does seem to me a latent danger— no part of the intention of present European leaders— implicit in the development [of the euro]. Regional monetary unity implies a greater degree of visible loss of autonomy for mem­ber countries; yet national econom ic problems will remain. The temptation could arise to solve some of these regional adjustment problems within Europe by direct subsidies to producers, by protection against the outside world, or by other means damaging to the trading opportunities of others."