‘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.

In this cartoon appearing in the German newspaper Süddeutsche Zeitung on 23 October 1972, Ironimus illustrates the inflationary threat hovering over the 'Nine Europeans'.

On 5 December 1972, the Council of the European Communities adopted a resolution setting out the action to be taken by the Nine to tackle inflation.

Am 14. Februar 1973 gibt Finanzminister Helmut Schmidt, im deutschen Bundestag eine Erklärung ab über die Politik der Bundesregierung zur Bewältigung der weltweiten Währungskrise.

In February 1973, the French cartoonist, Plantu, illustrates the decision taken by the US President, Richard Nixon, to devalue the dollar by 10 % and considers the possible consequences for Europe in terms of trade.

In March 1973, in Paris, the Finance Ministers and the Governors of the central banks of the Nine hold discussions with experts from the European Monetary Fund (EMF) and with their American, Japanese, Canadian, Swiss and Swedish counterparts, on possible ways to resolve the international monetary crisis. From left to right: Olivier Wormser, Governor of the Bank of France, Valéry Giscard d'Estaing, French Finance Minister, and Pierre-Paul Schweitzer, President of the EMF.

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 10 March 1973, the Italian daily newspaper Corriere della Sera criticises the inability of the Nine to present a united front against the international monetary crisis.

Am 12. März 1973 legt der Rat der Europäischen Gemeinschaften im Detail die Maßnahmen der Sechs zur Bekämpfung der internationalen Währungskrise dar.

On 16 March 1973, the Finance Ministers and Governors of the Central Banks of the ten countries participating in the General Arrangements to Borrow and the Member States of the European Economic Community publish a joint communiqué concerning the measures to be adopted in order to resolve the international monetary crisis.

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

‘The drowning men’. In September 1973, Opland, Dutch cartoonist, depicts the attempts of the Netherlands Government to save the national currency from the storm whipped up by inflation.

‘Come on then, jump!’ In 1973, despite the efforts of Helmut Schmidt, Karl Schiller’s successor as Finance Minister of the Federal Republic of Germany (FRG), inflation continues to undermine the European economies.

In einem Pressekommuniqué vom 19. Januar 1974 gibt die deutsche Bundesregierung erste Erklärungen über die Ausscherung der französischen Währung aus dem Verbund der Gemeinschaftswährungen.

On 22 January 1974, the French daily newspaper Le Monde describes the range of parities between the French franc and the German mark in the European currency snake.

Am 23. Januar 1974 erläutert der deutsche Bundesminister für Finanzen, Helmut Schmidt, im Bundestag die Maßnahmen der deutschen Regierung zur Aufrechterhaltung des europäischen Währungsverbundes.

In May 1974, the monthly publication 30 jours d’Europe outlines the anti-inflationary measures proposed by the European Commission in order to tackle the inflationary spiral affecting several European countries.

Angesichts der europäischen Währungskrise im Jahr 1974 erscheinen der deutsche Bundeskanzler Helmut Schmidt und der französische Staatspräsident Valéry Giscard d'Estaing als die beiden Samariter, die dem kriselnden Europa Hilfe leisten.

‘After the European Summit — inflation is still wearing the yellow jersey.’ On 19 July 1975, Opland, Dutch cartoonist, illustrates the inflationary crisis affecting the European states.

‘The prognosis — “Gerald, as soon as you can feel firm ground, we’re saved …”’ On 19 July 1975, Ernst Maria Lang, German cartoonist, takes an ironic view of the implications of the global economic recession.

On 16 March 1976, the Belgian daily newspaper La Libre Belgique expresses concern over the repercussions of the latest European monetary crisis.

On 22 September 1976, the German cartoonist, Walter Hanel, takes an ironic look at the difficulties faced by the European monetary snake which is now able to rely only on the countries in the ‘mark’ area (the Federal Republic of Germany, Denmark and the three Benelux countries).

On 18 April 1978, the British daily newspaper Financial Times remarks that Luxembourg is less affected than its neighbours by the prevailing economic recession.