aug 1, 1971 - EEC economic difficulties after US ends Bretton Woods exchange rate regime; oil shocks from OPEC
-US stopped backing the dollar by gold, leading to high fluctuations in currencies around the globe => slowed economic growth and increased inflation
-This period of time was known as "Eurosclerosis"
-The unity of the EEC was significantly damaged, as member states disagreed on how to resolve economic issues, also leading to slowed European Integration
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