However, these first plans for an economic and monetary union were never realised amid the considerable international currency unrest after the collapse of the BrettonWoods system in the early 1970s, and the international recession in the wake of the first oil crisis in 1973.
Ach níor tugadh chun críche riamh na chéad phleananna seo chun aontas eacnamaíoch agus airgeadaíochta a bhaint amach de bharr na míshocrachta airgeadra idirnáisiúnta tar éis gur thit an córas BrettonWoods a sa chéile i dtús na seachtóidí , agus an cúlú idirnáisiúnta a le an an chéad ghéarchéim ola i 1973.