'Inflation'. On 3 June 1974, in the midst of the economic and monetary difficulties facing Europe in the mid-1970s, French cartoonist Tim (the pseudonym used by Louis Mitelberg) illustrates the solidarity demonstrated by new Chancellor Helmut Schmidt (on the left), who is prioritising support for the struggling French economy (high inflation, trade deficit, etc.). The economically prosperous and powerful Federal Republic of Germany holds its protective umbrella above its French partner, represented by President Valéry Giscard d’Estaing (on the right). By helping France, the FRG hopes to avoid a disintegration of Europe and a return to protectionism, which would be harmful for the country’s thriving trade. France is also counting on Germany’s help to launch a system of monetary cooperation designed to stabilise currencies and provide Europe with the means to stand up to US monetary hegemony.