The snake in trouble
The snake in trouble
The snake in trouble
TexteThe monetary crisis
Cartoon by Lomidze on the monetary crisis (June 1972)
Image‘The pound falls'. In June 1972, the Soviet weekly magazine Krokodil takes an ironic view of the considerable depreciation affecting the British currency.
Letter from Valéry Giscard d'Estaing to the President of the European Commission (1 September 1972)
TexteOn 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.
Cartoon by Ironimus on the monetary crisis in Europe (23 October 1972)
ImageIn this cartoon appearing in the German newspaper Süddeutsche Zeitung on 23 October 1972, Ironimus illustrates the inflationary threat hovering over the 'Nine Europeans'.
Resolution of the Council of the EC on measures to be taken against inflation (5 December 1972)
TexteOn 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.
Address given by Helmut Schmidt (Bonn, 14 February 1973)
TexteOn 14 September 1973, the German Finance Minister, Helmut Schmidt, announces to the Bundestag the Government's policy to overcome the global monetary crisis.
Press release by the Council on the devaluation of the dollar (14 February 1973)
TexteOn 14 February 1973, the Council of Ministers of the Nine calls for a reform of the international monetary system following the 10 % devaluation of the US dollar.
Cartoon by Plantu on the devaluation of the dollar (February 1973)
ImageIn 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.
Communication by the European Commission on the implementation of a Community exchange-rate system (4 March 1973)
TexteOn 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.
The international monetary crisis continues (16 March 1973)
ImageIn 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.
Speech by the President of the Council before the meeting of the Nine and the Group of Ten (Paris, 9 March 1973)
TexteOn 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.
‘A disunited Europe', from Corriere della Sera (10 March 1973)
TexteOn 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.
Statement by the Council of the EC on the international monetary crisis (12 March 1973)
TexteOn 12 March 1973, the Council of the European Communities lists the measures taken by the Nine in order to cope with the international monetary crisis.
Communiqué issued by the Group of Ten and the European Economic Community (Paris, 16 March 1973)
TexteOn 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.
Statement by Pierre Werner on the fight to curb inflation (Luxembourg, 19 May 1973)
TexteOn 19 May 1973, Luxembourg Prime Minister, Pierre Werner, emphasises the importance, for Luxembourg, of European monetary union as a tool to combat inflation.
Cartoon by Opland on the monetary crisis in the Netherlands (20 September 1973)
Image‘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.
Cartoon by Behrendt on the monetary crisis in Europe (1973)
Image‘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.
Communiqué issued by the German Federal Government (Bonn, 19 January 1974)
TexteOn 19 January 1974, the West German Government issues a press communiqué on the withdrawal of the French franc from the European monetary snake.
'In Paris, the brakes are taken off inflation', from Frankfurter Allgemeine Zeitung (21 January 1974)
TexteOn 21 January 1974, the German daily newspaper Frankfurter Allgemeine Zeitung comments on France’s decision to withdraw from the European currency snake and considers the economic and monetary crisis currently affecting the countries of Western Europe.
'The snake', from Le Monde (22 January 1974)
TexteOn 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.
Report by the West German Federal Government on the future of the currency snake (23 January 1974)
TexteOn 23 January 1974, Helmut Schmidt, German Finance Minister, in a speech to the Bundestag, reveals the measures proposed by the German Government to support the European monetary snake.
'Fears for Europe', from Frankfurter Allgemeine Zeitung (30 January 1974)
TexteOn 30 January 1974, the German daily newspaper Frankfurter Allgemeine Zeitung comments on France’s decision to withdraw from the European currency snake and expresses anxiety over the repercussions that such a decision may have on the implementation of European economic and monetary union.
Commission statement on the State of the Community (31 January 1974)
TexteOn 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'.
Valéry Giscard d’Estaing, Power and Life
TexteIn his memoirs, former French President, Valéry Giscard d’Estaing, recalls the problems associated with the generalised floatation of the European currencies between 1974 and 1976, and analyses the withdrawal of the French franc from the European currency snake.
'Floating currencies and free trade', from EFTA Bulletin" (April 1974)
TexteIn April 1974, James Lanner, Director of Economic Affairs at the Secretariat of the European Free Trade Association (EFTA), supports a system of floating exchange rates between the European currencies.
The monetary crisis
'The European Commission's anti-inflation plan', from 30 jours d'Europe (May 1974)
TexteIn 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.
Cartoon by Bas on the Franco-German duo and the monetary crisis (31 May 1974)
ImageIn the light of the 1974 European monetary crisis, German Chancellor Helmut Schmidt and French President Valéry Giscard d'Estaing are depicted as two good Samaritans coming to the aid of a Europe in crisis.
Cartoon by Opland on the monetary crisis in Europe (19 July 1975)
Image‘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.
Cartoon by Lang on the monetary crisis (19 July 1975)
Image‘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.
'An inevitable step backwards', from La Libre Belgique (16 March 1976)
TexteOn 16 March 1976, the Belgian daily newspaper La Libre Belgique expresses concern over the repercussions of the latest European monetary crisis.
Cartoon by Bas on the crisis of the European monetary snake (20 March 1976)
ImageIn spring 1976, financial crises shake many European countries. The European monetary snake, bogged down in its difficulties, is crippled.
Cartoon by Hanel on the crisis of the European monetary snake (22 September 1976)
ImageOn 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).
'The snake lives on', from the Frankfurter Allgemeine Zeitung (19 October 1976)
TexteOn 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.
‘Riding out the recession’ from the Financial Times (18 April 1978)
TexteOn 18 April 1978, the British daily newspaper Financial Times remarks that Luxembourg is less affected than its neighbours by the prevailing economic recession.