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.
In a statement to the European Parliament on 4 July 1972, Raymond Barre, Vice-President of the European Commission with special responsibility for Economic and Financial Affairs, defends the European currency snake and calls on the Six to exercise increased monetary austerity.
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.
On 10 July 1978, the German weekly magazine Der Spiegel considers the reasons behind the decision taken by the German Chancellor, Helmut Schmidt, to convert the currency snake into a broader-based European Monetary System (EMS).