This paper, based on the speech delivered by Roy Jenkins, president of the commission of the European communities (1977-1981) on 27 October 1977 at the EUI, is known as his ‘Florence speech’ and launched the initiative for The European Monetary System, which came into operation on 1st March 1979 forming the basis for later European Monetary Union.; The Jean Monnet Lecture was given by distinguished speakers at the European University Institute almost every year between 1977 and 2006.