During the Copenhagen European Council of 7 and 8 April 1978, German Chancellor, Helmut Schmidt, and French President, Valéry Giscard d'Estaing, submit plans for the European monetary system to their partners.

In his memoirs, Roy Jenkins, President of the European Commission from 1977 to 1981, recalls the proposal submitted by the German Chancellor, Helmut Schmidt, to the Copenhagen European Council, held on 7 and 8 April 1978, with a view to the establishment of a new European Monetary System.

In 1978, the "European currency snake" is moribund, obliging the German Chancellor Helmut Schmidt to work for the launching of a new European Monetary System (EMS) open to all the States in the Community, including the United Kingdom.

In 1978, during the debates on the issue of monetary stability in Europe, Pierre Werner, Honorary Minister of State of the Grand Duchy of Luxembourg, sets out the objectives and implications of the future European Monetary System (EMS).

In June 1978, the monthly publication 30 jours d’Europe underlines the importance of the Bremen European Council, to be held on 6 and 7 July, for the revival of economic and monetary union (EMU).

On 5 July 1978, the German daily newspaper Frankfurter Allgemeine Zeitung focuses on the joint initiative of the German Chancellor, Helmut Schmidt, and the French President, Valéry Giscard d’Estaing, to draw up a plan establishing a European monetary fund, designed to maintain monetary stability in Europe.

On 7 July 1978, meeting at the Bremen European Council, the Nine propose giving fresh impetus to monetary cooperation through the establishment of a European Monetary System (EMS).

On 7 July 1978, following the Bremen European Council, Helmut Schmidt, Chancellor of the Federal Republic of Germany (FRG) and President-in-Office of the Council of the European Communities, holds a press conference during which he confirms the Nine’s decision to establish a European Monetary System (EMS).

On 13 July 1978, the German daily newspaper Frankfurter Allgemeine Zeitung analyses the economic and political consequences of a new monetary system in Europe.

On 11 August 1978, the German daily newspaper Frankfurter Allgemeine Zeitung sets out the various reactions of the Nine regarding the decision to introduce a new European Monetary System (EMS).

Le 1er décembre 1978, le quotidien français Le Monde analyse les enjeux du Conseil européen de Bruxelles des 4 et 5 décembre en pointant particulièrement les risques pour la République fédérale allemande (RFA) d'une participation au Système monétaire européen (SME) et les effets du SME sur la Politique agricole commune (PAC).

At the Brussels European Council meeting on 5 December 1978, the Nine adopt a resolution on the establishment and the rules on the functioning of the European Monetary System (EMS).

On 5 December 1978, following the Brussels European Council, Valéry Giscard d’Estaing, French President, holds a press conference during which he announces the Nine’s decision to establish, on 1 January 1979, the European Monetary System (EMS).

On 5 December 1978, the Brussels European Council adopts a resolution concerning the establishment and rules for the operation of the European Monetary System (EMS). The photo shows a demonstration for a single European currency.

On 6 December 1978, the daily newspaper Luxemburger Wort reports on the outcome of the Brussels European Council of 4 and 5 December 1978 at the end of which the Nine decide to implement the European Monetary System (EMS) as of 1 January 1979.

On 6 December 1978, commenting on the outcome of the Brussels European Council held on 4 and 5 December 1978, the French daily newspaper Le Figaro welcomes the decision taken by the Heads of State or Government of the Nine to introduce a European Monetary System (EMS) on 1 January 1979.

On 6 December 1978, commenting on the outcome of the Brussels European Council of 4 and 5 December, Pierre Dabezies and René-Victor Pilhes, chairmen of the Association pour une nouvelle politique étrangère (‘Association for a new foreign policy’), publish an opinion piece in the French daily newspaper Le Monde warning against the risks of German monetary domination in Europe following the decision by the Nine to establish a European Monetary System (EMS) with effect from 1 January 1979.

On 6 December 1978, following the Brussels European Council, the Conservative daily newspaper La Libre Belgique gives an account of the difficulties involved in the European Monetary System (EMS) and expresses concern over its future.

Le 6 décembre 1978, commentant les résultats du Conseil européen de Bruxelles des 4 et 5 décembre, le quotidien allemand Süddeutsche Zeitung évoque les risques qu'encourt la création du Système monétaire européen (SME) compte tenu des politiques différentes que mènent les Neuf en ce qui concerne l'inflation et la dévaluation monétaire.

On 7 December 1978, commenting on the outcome of the Brussels European Council of 4 and 5 December, British daily newspaper The Guardian highlights the lack of solidarity that led to a division within the Nine over their participation in the European Monetary System (EMS) from 1 January 1979.

Le 7 décembre 1978, commentant les résultats du Conseil européen de Bruxelles des 4 et 5 décembre, le quotidien allemand Süddeutsche Zeitung insiste sur la nécessité de lancer le Système monétaire européen (SME) sans l'Italie, sans l'Irlande et sans le Royaume-Uni afin de garantir une meilleure stabilité monétaire entre les six pays participants au SME.

On 8 December 1978, German cartoonist Peter Leger illustrates the establishment of the European Monetary System (EMS) and the choice of Italy, Ireland and the United Kingdom not to take part. The Franco-German duo Giscard and Schmidt are the central pillars holding up the structure.

On 21 December 1978, German Chancellor Helmut Schmidt delivers a speech to the Bundestag concerning the outcomes of the last European Council meeting, held in Brussels. This meeting was marked by the decision by the Nine to introduce a European Monetary System (EMS) by 1 January 1979.

On 13 December 1978, Irish MPs, meeting in the Dáil, debate the issue of Ireland's participation in the European Monetary System (EMS).

On 29 December 1978, French Prime Minister, Raymond Barre, declares himself to be in favour of the gradual withdrawal of monetary compensatory amounts (MCAs) in the context of the implementation of the European monetary system (EMS).

In its January 1979 editorial, the Italian journal Affari Esteri comments on Italy’s decision to join the European Monetary System in order to provide the country with greater economic stability.

On 13 March 1979, the European monetary system (EMS) and the European Currency Unit (ECU), which had been adopted by the Nine, enter into force.

En mars 1979, François-Xavier Ortoli, vice-président de la Commission des Communautés européennes, énonce dans la revue fédéraliste L'Europe en formation les trois objectifs de la mise en oeuvre du Système monétaire européen (SME).

On 13 March 1979, the daily newspaper Luxemburger Wort announces the entry into force of the European Monetary System (EMS) and the introduction of the European Currency Unit (ECU).

On 14 March 1979, the day after the implementation of the European Monetary System (EMS), the French daily newspaper Le Monde describes the operation of the EMS and highlights its impact on the European currency exchange market.

In his editorial of 20 September 1979, Emanuele Gazzo, Editor-in-Chief of Agence Europe, ponders on the conditions for the political and economic success of the EMS.

In his memoirs, former French President, Valéry Giscard d'Estaing, looks back at the chaotic negotiations which led to the implementation of the European monetary system (EMS) and the ECU (European Currency Unit).

In this interview, Jacques F. Poos, former Luxembourg Finance Minister, recalls the objectives of and the stakes involved in the European Monetary System (EMS) and points to its influence on monetary discipline in Europe before and after the adoption of the euro.

In this interview, Jacques Santer, former Luxembourg Finance Minister, recalls the implications of and the challenges posed by the establishment of the European Monetary System (EMS) in 1979.

In this interview, Jean François-Poncet, former Secretary-General of the Presidency of the French Republic and former French Foreign Minister, discusses the establishment of the European Monetary System (EMS) in 1979 on the joint initiative of the French President, Valéry Giscard d'Estaing, and the German Chancellor, Helmut Schmidt.

In this interview, Jacques de Larosière, former Director of the Treasury in the French Finance Ministry and former Managing Director of the International Monetary Fund (IMF), explains why the European Monetary System (EMS) was set up and analyses its impact in the process leading to the establishment of European Economic and Monetary Union.

In his memoirs, Roy Jenkins, former President of the European Commission, recalls the concerns raised by successive British Prime Ministers James Callaghan and Margaret Thatcher over the United Kingdom’s participation in the European Monetary System (EMS).

In October 1978, during the debates in the British Parliament on the European Monetary System (EMS), John Roper, Chairman of the Labour Committee for Europe, argues strongly in favour of the United Kingdom joining the EMS.

On 3 November 1978, Hugh Dykes, member of the British Conservative Party, outlines the consequences of the European Monetary System (EMS) for the United Kingdom and for international monetary policy.

On 3 October 1978, the British Trades Union Congress sets out its position on the implementation of a European Monetary System (EMS).

On 3 November 1978, Christopher Johnson, economic adviser to Lloyds Bank Limited, submits a report in which he rejects all the arguments put forward in the United Kingdom by opponents of the European Monetary System (EMS).

On 6 November 1978, Roy Jenkins, President of the European Commission, speaks to the Belgian Royal Society for Political Economy on the key events in the development of European monetary affairs and welcomes the recent establishment of the European Monetary System (EMS).

On 7 December 1978, the British daily newspaper The Guardian outlines the grounds put forward by the United Kingdom to justify its decision not to participate in the European Monetary System (EMS) and is surprised at the understanding demonstrated in this regard by Valéry Giscard d'Estaing, President of the French Republic.