On 1 and 2 April 1976, the first European Council, devoted to a review of the economic and monetary situation, is held in Luxembourg under the Luxembourgish Presidency. Despite the fact that the European Council does not succeed in adopting a set of conclusions, Gaston Thorn, President-in-Office of the Council, establishes that it is for the Ministers of Finance and of Economic Affairs to take tangible decisions, without neglecting the role of the European Council as a useful forum for Heads of State or Government to exchange views.