1 août 1971 - EEC economic difficulties after US ends Bretton Woods exchange rate regime; oil shocks from OPEC

Description:

-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