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.

On 30 October 1974, in the midst of the energy crisis, inflation and international monetary chaos, Pierre Werner, Luxembourg Prime Minister and Minister of State, gives an address to the Chamber of Deputies in which he expresses the Luxembourg Government’s concern at the possible repercussions of the crisis on the economic and monetary integration process.