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In 1968, the US dollar convertibility to gold was limited to central banks alone, and was soon permanently archived by Nixon in 1971 together with the "Bretton Woods system" on which the former had been established. In the same year, 1968, the European Common Market fully entered into force, much earlier than the expected duration for its transitory phase. The first contradiction in the path toward European integration unfolded. The market, which had come into being thanks to a "good currency",doi:10.1515/tfd-2015-0007 fatcat:zv2uhgxrdngspptcwc3eoyg5cq