‘The European nouveau riche. I hope the smoke’s not bothering you too much, my dear Giscard?’ On 11 December 1974, at the end of the meeting of Heads of State or Government of the EEC Member States in Paris, French cartoonist Jacques Laplaine (Lap) paints an ironic picture of the economic and industrial power of the Federal Republic of Germany. The smoke billowing from the factory chimney signals that the German economy is in fine shape. But during the same period, France’s economy is plagued by unemployment and inflation. From left to right: Federal Chancellor Helmut Schmidt and French President Valéry Giscard d’Estaing (with his head in the smoke).