Die Schlange in Schwierigkeiten
Die Schlange in Schwierigkeiten
The snake in trouble
TextDie Währungskrise
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)
TextOn 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)
TextOn 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.
Rede von Helmut Schmidt (Bonn, 14. Februar 1973)
TextAm 14. Februar 1973 gibt Finanzminister Helmut Schmidt, im deutschen Bundestag eine Erklärung ab über die Politik der Bundesregierung zur Bewältigung der weltweiten Währungskrise.
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.
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)
TextOn 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)
TextOn 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.
Erklärung des Rates zur internationalen Währungskrise (12. März 1973)
TextAm 12. März 1973 legt der Rat der Europäischen Gemeinschaften im Detail die Maßnahmen der Sechs zur Bekämpfung der internationalen Währungskrise dar.
Communiqué issued by the Group of Ten and the European Economic Community (Paris, 16 March 1973)
TextOn 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)
TextOn 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.
Kommuniqué der deutschen Bundesregierung (Bonn, 19. Januar 1974)
TextIn einem Pressekommuniqué vom 19. Januar 1974 gibt die deutsche Bundesregierung erste Erklärungen über die Ausscherung der französischen Währung aus dem Verbund der Gemeinschaftswährungen.
'The snake', from Le Monde (22 January 1974)
TextOn 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.
Bericht der Bundesregierung zur Aufrechterhaltung des europäischen Währungsverbundes (23. Januar 1974)
TextAm 23. Januar 1974 erläutert der deutsche Bundesminister für Finanzen, Helmut Schmidt, im Bundestag die Maßnahmen der deutschen Regierung zur Aufrechterhaltung des europäischen Währungsverbundes.
Die Währungskrise
'The European Commission's anti-inflation plan', from 30 jours d'Europe (May 1974)
TextIn 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.
Karikatur von Bas zum deutsch-französischen Gespann im Angesicht der Währungskrise (31. Mai 1974)
ImageAngesichts 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.
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)
TextOn 16 March 1976, the Belgian daily newspaper La Libre Belgique expresses concern over the repercussions of the latest European monetary crisis.
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).
‘Riding out the recession’ from the Financial Times (18 April 1978)
TextOn 18 April 1978, the British daily newspaper Financial Times remarks that Luxembourg is less affected than its neighbours by the prevailing economic recession.