In December 1971, the Committee of Governors of the Central Banks of the Member States of the European Economic Community (EEC) commissions a group of experts, chaired by Marcel Théron, to continue the work of the committee of experts, previously chaired by Hubert Ansiaux. On 8 January 1972, this group of experts submits a preliminary report on the problems raised by the differentiation between the fluctuation margins permitted between the currencies of the EEC countries and those applied to the currencies of third countries.