In this interview, Jacques de Larosière, former Treasury Director at the French Ministry of Finance, describes reactions in France following the publication of the Werner Report on the stage-by-stage creation of a European economic and monetary union. Jacques de Larosière particularly focuses on the establishment of the European monetary snake and the European Monetary Cooperation Fund (EMCF).

In this interview, Jacques de Larosière, former Director of the Treasury in the French Finance Ministry and former Managing Director of the International Monetary Fund (IMF), explains why the European Monetary System (EMS) was set up and analyses its impact in the process leading to the establishment of European Economic and Monetary Union.