On 19 January 1972 in a speech to the Bundestag, German Finance Minister, Karl Schiller, lists the main outcomes of the Summit of the Ten in Washington and outlines the Federal Republic of Germany's monetary policy.

On 18 February 1972, the Italian daily newspaper Corriere della Sera lists the new measures put forward by the German Chancellor, Willy Brandt, and the French President, Georges Pompidou, in order to combat the monetary crisis currently affecting Europe.

On 21 March 1972, the Council and the representatives of the governments of the Member States of the European Communities adopt a resolution on the application of the Resolution of 22 March 1971 on the achievement by stages of 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.

‘The pound falls'. In June 1972, the Soviet weekly magazine Krokodil takes an ironic view of the considerable depreciation affecting the British currency.

On 1 September 1972, French Finance Minister, Valéry Giscard d'Estaing, asks President of the European Commission, Franco Maria Malfatti, to convene urgently the Economic and Financial Policies Coordination Group in order to plan a common European policy to curb inflation.

On 4 March 1973, the European Commission forwards to the Council a communication in which it sets out the measures to be applied in order to maintain the cohesion of the international monetary system.

On 9 March 1973, at the meeting in Paris between the Finance Ministers of the Nine and the representatives of the Group of Ten, the President of the Council of Ministers of the European Economic Community (EEC) emphasises the need to take concerted action in order to reorganise the international monetary system.

On 19 January 1974, the West German Government issues a press communiqué on the withdrawal of the French franc from the European monetary snake.

On 31 January 1974, the European Commission solemnly calls upon the Heads of State or Government of the Member States of the European Economic Community to foster stronger Community ties and to work together to combat the political and economic crisis affecting the ‘Europe of the Nine'.

On 19 October 1976, in its coverage of the revaluation of the German mark, the German daily newspaper Frankfurter Allgemeine Zeitung considers the future of the European monetary snake and calls for greater cooperation among the Nine on monetary matters.

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).