On 8 May 1971, the French daily newspaper Le Monde sets out the comments of the European Commission about the plan devised by Karl Schiller, West German Minister for Economic Affairs, to allow the mark to float after it suffered speculative attacks.

On 9 May 1971, the Finance Ministers of the Six — on the left, Karl Schiller (Germany) and Valéry Giscard d’Estaing (France) — discuss the various means of ending the growing monetary instability in Europe.

On 10 May 1971, the Italian daily newspaper Corriere della Sera leads with the German decision to allow its national currency to ‘float' and displays anxiety about the consequences of a worsening international monetary crisis.

In einer am 11. Mai 1971 gehaltenen Rede verteidigt Karl Schiller, Bundesminister für Wirtschaft, die Freigabe des Wechselkurses der Deutschen Mark und erklärt die währungspolitischen Maßnahmen der Bundesregierung.

In June 1971, the monthly publication 30 jours d’Europe paints a portrait of Karl Schiller, appointed West German Minister for Economic Affairs and Finance one month earlier.

On 11 May 1971, while commenting on the decision, taken the previous day by the German Government, to allow the German mark to ‘float’, Valéry Giscard d'Estaing, French Economy and Finance Minister and President-in-Office of the Ecofin Council, calls for more concerted monetary cooperation among the Six.

On 17 June 1971, the French daily newspaper Le Figaro harshly criticises the monetary policy of the Federal Republic of Germany (FRG) and simultaneously deplores the attitude of Karl Schiller, West German Minister for Economic Affairs and Finance.

Am 19. Juni 1971 berichtet die Tageszeitung Süddeutsche Zeitung über die Zurückhaltung der europäischen Staaten gegenüber den Vorschlägen des deutschen Finanzminister Karl Schiller, der eine vereinbarte Wechselkursflexibilität der EWG-Währungen vorschlägt.

On 27 October 1971, the French daily newspaper Le Figaro describes the increasing differences of opinion between France and the Federal Republic of Germany (FRG) with regard to economic and monetary policy.

In November 1971, the Italian daily newspaper Corriere della Sera reports on the growing tension between the Federal Republic of Germany (FRG) and France over measures envisaged to combat the European monetary crisis.

On 13 March 1972, the French weekly newspaper L’Express analyses the decision taken by Karl Schiller and Valéry Giscard d’Estaing, French and German Finance Ministers, to launch European Economic and Monetary Union (EMU).

On 22 March 1972, the Finance Ministers of the Six ratify the agreement limiting the fluctuation margin for European currencies. From left to right: Emilio Colombo, Italian Finance Minister, Karl Schiller and Valéry Giscard d'Estaing.

On 10 April 1972, the Basle Agreement is concluded with a view to implementing, as from 24 April, the intervention system of the central banks to limit fluctuation between currencies to a maximum of 2.25 %. This photograph shows the coins of the currencies of the Member States of the European Economic Community (EEC) symbolically placed to represent the European currency snake.

At its session of 4 September 1972, the Standing Committee on Foreign Affairs of the House of Representatives of the Dutch Parliament debates questions relating to economic and monetary policy, particularly the impact of the monetary crisis on exchange rates between the European currencies.

Auf einem Gipfel vom 19. bis 21. Oktober 1972 in Paris bekräftigen die Staats- und Regierungschefs der auf neun Mitglieder erweiterten Gemeinschaft ihre Absicht, noch vor Ablauf des Jahrzehnts die Gesamtheit ihrer Beziehungen in eine Europäische Union umzuwandeln. Sie fassen Beschlüsse vor allem in den Bereichen der Wirtschafts- und Währungsunion, des Europäischen Fonds für währungspolitische Zusammenarbeit und der Regionalpolitik. Von links nach rechts: Pierre Werner (luxemburgischer Staatsminister und Regierungspräsident), Gaston Eyskens (belgischer Premierminister), Jack Lynch (irischer Ministerpräsident), Anker Jorgensen (dänischer Premierminister), Willy Brandt (deutscher Bundeskanzler), Barend W. Biesheuvel (niederländischer Ministerpräsident), Georges Pompidou (französischer Staatspräsident), Edward Heath (britischer Premierminister), Giulio Andreotti (italienischer Ministerpräsident) und Sicco Mansholt (Präsident der Kommission der Europäischen Gemeinschaften).

Die Staats- und Regierungschefs der zukünftigen Neun treffen sich zum ersten Mal zu einem europäischen Gipfeltreffen vom 19. bis 21. Oktober 1972 in Paris. Sie bekräftigen ihre Absicht, vor Ablauf des Jahrzehnts die Gesamtheit ihrer Beziehungen in eine Europäische Union umzuwandeln und fassen Beschlüsse vor allem in den Bereichen der Wirtschafts- und Währungsunion, des Europäischen Fonds für währungspolitische Zusammenarbeit und der Regionalpolitik.

In an article for the April 1974 edition of the monthly publication 30 jours d’Europe, the journalist, Patrick Bonazza, sets out how the European currency snake operates and outlines the obstacles that it must overcome.

Das deutsche Nachrichtenmagazin Der Spiegel untersucht die Beweggründe des deutschen Bundeskanzlers Helmut Schmidt die Währungsschlange in ein breiteres europäisches Währungssystem umzuwandeln.

‘The pound falls'. In June 1972, the Soviet weekly magazine Krokodil takes an ironic view of the considerable depreciation affecting the British currency.

On 1 September 1972, French Finance Minister, Valéry Giscard d'Estaing, asks President of the European Commission, Franco Maria Malfatti, to convene urgently the Economic and Financial Policies Coordination Group in order to plan a common European policy to curb inflation.

In this cartoon appearing in the German newspaper Süddeutsche Zeitung on 23 October 1972, Ironimus illustrates the inflationary threat hovering over the 'Nine Europeans'.

On 5 December 1972, the Council of the European Communities adopted a resolution setting out the action to be taken by the Nine to tackle inflation.

Am 14. Februar 1973 gibt Finanzminister Helmut Schmidt, im deutschen Bundestag eine Erklärung ab über die Politik der Bundesregierung zur Bewältigung der weltweiten Währungskrise.

In February 1973, the French cartoonist, Plantu, illustrates the decision taken by the US President, Richard Nixon, to devalue the dollar by 10 % and considers the possible consequences for Europe in terms of trade.

On 9 March 1973, at the meeting in Paris between the Finance Ministers of the Nine and the representatives of the Group of Ten, the President of the Council of Ministers of the European Economic Community (EEC) emphasises the need to take concerted action in order to reorganise the international monetary system.

On 10 March 1973, the Italian daily newspaper Corriere della Sera criticises the inability of the Nine to present a united front against the international monetary crisis.

Am 12. März 1973 legt der Rat der Europäischen Gemeinschaften im Detail die Maßnahmen der Sechs zur Bekämpfung der internationalen Währungskrise dar.

On 16 March 1973, the Finance Ministers and Governors of the Central Banks of the ten countries participating in the General Arrangements to Borrow and the Member States of the European Economic Community publish a joint communiqué concerning the measures to be adopted in order to resolve the international monetary crisis.

In March 1973, in Paris, the Finance Ministers and the Governors of the central banks of the Nine hold discussions with experts from the European Monetary Fund (EMF) and with their American, Japanese, Canadian, Swiss and Swedish counterparts, on possible ways to resolve the international monetary crisis. From left to right: Olivier Wormser, Governor of the Bank of France, Valéry Giscard d'Estaing, French Finance Minister, and Pierre-Paul Schweitzer, President of the EMF.

On 19 May 1973, Luxembourg Prime Minister, Pierre Werner, emphasises the importance, for Luxembourg, of European monetary union as a tool to combat inflation.

‘The drowning men’. In September 1973, Opland, Dutch cartoonist, depicts the attempts of the Netherlands Government to save the national currency from the storm whipped up by inflation.

Am 12. November 1973 hält Pierre Werner, luxemburgischer Staatsminister und Regierungspräsident, vor dem Institut atlantique des affaires internationales in Paris einen Vortrag über die europäische Währungsunion, den Dollar und die internationale Reform.

‘Come on then, jump!’ In 1973, despite the efforts of Helmut Schmidt, Karl Schiller’s successor as Finance Minister of the Federal Republic of Germany (FRG), inflation continues to undermine the European economies.

In einem Pressekommuniqué vom 19. Januar 1974 gibt die deutsche Bundesregierung erste Erklärungen über die Ausscherung der französischen Währung aus dem Verbund der Gemeinschaftswährungen.

On 22 January 1974, the French daily newspaper Le Monde describes the range of parities between the French franc and the German mark in the European currency snake.

Am 23. Januar 1974 erläutert der deutsche Bundesminister für Finanzen, Helmut Schmidt, im Bundestag die Maßnahmen der deutschen Regierung zur Aufrechterhaltung des europäischen Währungsverbundes.

In May 1974, the monthly publication 30 jours d’Europe outlines the anti-inflationary measures proposed by the European Commission in order to tackle the inflationary spiral affecting several European countries.

‘After the European Summit — inflation is still wearing the yellow jersey.’ On 19 July 1975, Opland, Dutch cartoonist, illustrates the inflationary crisis affecting the European states.

‘The prognosis — “Gerald, as soon as you can feel firm ground, we’re saved …”’ On 19 July 1975, Ernst Maria Lang, German cartoonist, takes an ironic view of the implications of the global economic recession.

On 16 March 1976, the Belgian daily newspaper La Libre Belgique expresses concern over the repercussions of the latest European monetary crisis.

On 22 September 1976, the German cartoonist, Walter Hanel, takes an ironic look at the difficulties faced by the European monetary snake which is now able to rely only on the countries in the ‘mark’ area (the Federal Republic of Germany, Denmark and the three Benelux countries).

The continuation of talks on a European monetary cooperation fund (as laid down in the Werner Report) is one of the main items on the agenda for the 61st meeting of the Committee of Governors of the Central Banks of the EEC Member States, held in Basel on 10 July 1972. The basis for discussions is the report by a group of experts chaired by Jacques Mertens de Wilmars.

The summary report of the 61st meeting of the Committee of Governors of the Central Banks of the EEC Member States, held in Basel on 10 July 1972, reports on the discussions between experts concerning the continuation of talks on a European monetary cooperation fund. The discussions focused on four main issues: the use of a unit of account, which was vital for the smooth operation of such a fund; the organisation and statutes of a monetary cooperation fund; the pooling of the Member States’ reserves; and a more comprehensive, ambitious approach to the fund.

The finalisation of debates on a European monetary cooperation fund (as laid down in the Werner Report) is one of the main items on the agenda of the 62nd meeting of the Committee of Governors of the Central Banks of the EEC Member States, held in Basel on 11 September 1972. Another major point for discussion is the opinion of the Committee of Governors of the Central Banks on the report by the group of experts chaired by Jacques Mertens de Wilmars.

The summary report of the 62nd meeting of the Committee of Governors of the Central Banks of the EEC Member States, held in Basel on 11 September 1972, reports on the finalisation of debates on a European monetary cooperation fund (as laid down in the Werner Report) and the opinion of the Committee of Governors of the Central Banks on the report by the group of experts chaired by Jacques Mertens de Wilmars.

On 8 December 1972, the Luxembourg Embassy in France informs the French authorities that the Luxembourg Government is willing for the future European Monetary Cooperation Fund (EMCF) to have its seat in Luxembourg City.

Am 3. April 1973 nimmt der Rat eine Verordnung zur Errichtung eines Europäischen Fonds für Währungszusammenarbeit (EFWZ) an.

On 5 April 1973, the day before the entry into force of the European monetary Cooperation Fund (EMCF), the Italian daily newspaper Corriere della Sera describes in some detail the tasks of the EMCF and broaches the subject of where it will have its seat.

Am 14. Mai 1973 verabschiedet der Verwaltungsrat des Europäischen Fonds für Währungszusammenarbeit (EFWZ) dessen vorläufige Geschäftsordnung.

On 7 March 1975, the secretariat of the Committee of Governors of the Central Banks drafts a note for the committee’s chairman, Erik Hoffmeyer, on the EC Commission’s proposals, ‘deemed premature’, to create an administrative structure for the EMCF, and on the interest shown by the Swiss National Bank in the ‘monetary snake’.