On 12 March 1973, the Council of the European Communities lists the measures taken by the Nine in order to cope with the international monetary crisis.

On 3 April 1973, the Council adopts a Regulation establishing the European Monetary Cooperation Fund (EMCF). As Pierre Werner had envisaged in his ‘Report concerning the stage-by-stage implementation of economic and monetary union’, the EMCF was initially placed under the authority of the governors of the central banks and was later to be integrated into a Community of central banks organisation.

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