IMPORTANT LEGAL NOTICE - The information on this site is subject to a disclaimerand a copyright notice
 
EUROPA > European Commission > Economic and Financial Affairs > EMU: A Historical Documentation > Chronology of Decisions Chronology of decisions
(1971-1975)
What's New | Contact | Search | Sitemap

3. Period 1971 - 1975: From the floating US-Dollar to the EMS

 

13 September 1971

Decisions taken by the Council on 13 September 1971 concerning the international monetary situation (following the measures taken by the United States on 15 August 1971) and relating in particular to:

(i)     the adoption of a common position of the Member States in the discussions to take place within the Community institutions on the reforms of the international monetary system

(ii)    developments on foreign‑exchange markets in the countries of the Community

(iii)   the measures taken by the United States on 15 August 1971

      Council doc. R/2001/71, 8.10.1971

15 September 1971

Consequences for the Community of the current situation in the monetary and commercial fields

      doc. SEC(71)3274 final, 15.9.1971

1972

Monetary policy in the countries of the EEC — Institutions and instruments — 1972          
New study carried out by the Monetary Committee as follow‑up to the aforementioned 1962 study: "Monetary policy instruments in the countries of the EEC"

      published by the EC Official Publications Office under No 8355

 

12 January 1972

Organisation of monetary and financial relations within the Community (Commission communication to the Council and draft Council resolution)

      doc. COM(72)50

      EC Bulletin, No 1‑1972

22 January 1972

Exchange of letters dated 22 January 1972 on certain monetary questions on the occasion of the accession of the United Kingdom to the Community

- Compendium, p. 56

16 February 1972

Overview of the conditions for achieving the first stage of economic and monetary union

      doc. SEC(72)622 final, 16.2.1972

1 March 1972

Proposal for a Resolution presented by the Commission to the Council concerning the application of the Resolution of 22 March 1971 on the attainment by stages of economic and monetary union in the Community

1 March 1972

Exchange‑rate system of the currencies of the Community countries and problems with the unit of account, notably in the agricultural field

      doc. SEC(72)830, 1.3.1972

 

21 March 1972

Resolution of the Council and of the Representatives of the Governments of the Member States of 21 March 1972 on the application of the Resolution of 22 March 1971 on the attainment by stages of economic and monetary union in the Community

-   OJ C 38, 18.4.1972
-   Compendium, p. 34

 

21 March 1972

Council Directive of 21 March 1972 on regulating international capital flows and neutralising their undesirable effects on domestic liquidity

-   OJ L 91, 14.4.1972
-   Compendium, p. 140

10 April 1972

Basle Agreement of 10 April 1972, implemented on 24 April 1972, between the central banks of the Member States of the Community on the narrowing of the margins of fluctuation

- Compendium, p. 60
 

12 May 1972

Commission opinion following the announcement of the new parity for the dollar before the International Monetary Fund

      OJ C 47, 12.5.1972
 

26 June 1972

Luxembourg Agreement:  meeting of 26 June 1972 in Luxembourg of the Finance Ministers of the Member States of the EEC on the maintenance of the European Agreement on narrowing margins following the decision of the United Kingdom to allow sterling to float and the authorisation for the Banca d'Italia to intervene in dollars in order to comply with the fluctuation margins.

Not published.
 

19/20/21 October 1972

Final communiqué of the Conference of the Heads of State or Government of the Member States of the enlarged Community, and in particular the reaffirmation of "the resolve [...] to move irrevocably towards the Economic and Monetary Union"

- EC Bulletin, No 10‑1972
- Compendium, p. 26

13 February 1973

The Italian lira leaves the European exchange‑rate system
 

14 February 1973

Communication to the Council following the 10% devaluation of the dollar against gold

      doc. Secretariat General 343/73 (Press 19), 14.2.1973
      EC Bulletin, No 2‑1973

4 March 1973

Commission communication to the Council on the implementation of a Community exchange system

      EC Bulletin, No 3‑1973
 

4 March 1973

Council statement of 4 March 1972 on the scrutiny of the situation that led to the closure of exchange markets in Europe

      doc. Secretariat‑General No 521/73 (Press 28), 8.3.1973
      EC Bulletin, No 3‑1973

8 March 1973

Council communication of 8 March 1973 on the monetary situation and the common position that the Acting President of the Council will present on behalf of the Community to the meeting of the Ten in Paris on 9 March 1973

      doc. Secretariat‑General 540/73 (Press 31), 8.3.1973
      EC Bulletin, No 3‑1973

12 March 1973

Declaration of the Council, meeting on 11/12 March, releasing the central banks from having to intervene in the fluctuation margins of the US dollar by maintaining at all times a maximum variance of 2.25% between the Belgian and Luxembourg francs, the Danish krone, the German mark, the French franc and the Dutch guilder 

- Compendium, p. 63
- EC Bulletin, No 3‑1973

16 March 1973

Communiqué concerning the ministerial meeting of the Group of Ten and the Community in Paris on 16 March 1973 (Monetary conference of the 14: 9 EEC, US, Canada, Switzerland, Sweden and Japan)

      EC Bulletin, No 3‑1973
 

3 April 1973

Council Regulation (EEC) No 907/73 establishing a European Monetary Cooperation Fund, and Annex:  Statute of the Fund

- OJ L 89, 5.4.73
- Compendium, p. 81

19 April 1973

Commission communication to the Council on the progress achieved in the first stage of economic and monetary union, on the allocation of powers and responsibilities among the Community institutions and the Member States essential to the proper functioning of economic and monetary union, and on the measures to be taken in the second stage of economic and monetary union (presented on 30 April 1973)

      doc. COM(73)570 final, 19.4.1973
      Supplement 5/73 to EC Bulletin, "Attainment of the Economic and Monetary Union"

27 June 1973

Commission report to the Council on the adjustment of short‑term monetary support arrangements and the conditions for progressive pooling of reserves (presented on 28 June 1973)

      doc. COM(73) 1099, 27.6.1973
      Supplement 12/73 to EC Bulletin, "Monetary organisation of the Community"

28 June 1973

Provisional rules of procedure of the European Monetary Cooperation Fund (EMCF) approved by the Council and by the Board of Governors of the Fund

- Compendium, p. 85
 

28 June 1973

Council Directive of 28 June 1973 on the abolition of restrictions on freedom of establishment and freedom to provide services in respect of self-employed activities of banks and other financial institutions (73/183/EEC)

 

- OJ L 194, 16.7.1973
- Compendium, p. 142

24 July 1973

Decision of the Representatives of the Governments of the Member States on the provisional location of the European Monetary Cooperation Fund (EMCF)
in Luxembourg (Decision 73/208/EEC)

      - OJ L 207, 28.7.73, p. 6
 - Compendium, p. 88

14 November 1973

Work on economic and monetary union

Part 1:  Draft Council resolution on the implementation of the second stage of economic and monetary union in the Community

Part 2:  Stability, growth and full employment in the Community (Proposal for a Council directive)

Part 3:  Proposal for a Council decision on the achievement of a high degree of convergence of the economic policies pursued by the Member States of the European Economic Community

Part 4:  Proposal for a regulation amending Council Regulation (EEC) No 907/73 of 3 April 1973 setting up a European Monetary Cooperation Fund

Part 5:  Draft decision setting up an Economic Policy Committee
(presented by the Commission to the Council)

      doc. COM(73)1950 final, 14.11.1973
      OJ C 114, 27.12.1973

 

14/15 December 1973

Summit meeting in Copenhagen of the Heads of State or Government and Foreign Ministers of the Member States of the European Communities: communiqué concerning among other things:

      the invitation to the Community institutions to take the measures necessary to make more rapid progress towards full implementation of economic and monetary union on the basis of the decisions already taken

      common position on the reform of the international monetary system

      increase in the resources available to the European Monetary Cooperation Fund

      doc. SEC(73)4928, 17.12.1973
 

1974

Monetary policy in the countries of the European Economic Community      
Institutions and instruments — Supplement 1974 — Denmark, Ireland, United Kingdom      
Study by the Monetary Committee (doc. II/213/74) as follow‑up to the aforementioned 1962 study     European economic integration and monetary unification — October 1973  Commission report      
Study group on economic and monetary union ("Professors Group — Magnifico")

19 January 1974

The French franc leaves the European exchange‑rate system

          - Press release of 21 January 1974 stating the intention of the five Member States to continue with the European system of limited margins of fluctuation
 

18 February 1974

Council Decision of 18 February 1974 on the attainment of a high degree of convergence of the economic policies of the Member States of the European Economic Community (74/120/EEC)

   -   OJ L 63, 5.3.1974
 -   Compendium, p. 103

 

18 February 1974

Council Directive of 18 February 1974 on stability, growth and full employment in the Community (74/121/EEC)

          -   OJ L 63, 5.3.1974
          -   Compendium, p. 103

18 February 1974

Council Resolution of 18 February 1974 on short‑term monetary support.

          -   OJ C 20, 5.3.1974
       -   Compendium, p. 89

18 February 1974

Council Decision of 18 February 1974 setting up an Economic Policy Committee (74/122/EEC)

          -    OJ L 63, 5.3.1974
         -   Compendium, p. 108

7 March 1974

Meeting in The Hague of the Finance Ministers and Central Bank Governors of  the five countries of the Community (Belgium, Denmark, Germany, Luxembourg, Netherlands) belonging to the European exchange‑rate system:  Declaration by Mr Wim Duisenberg, Dutch Finance Minister, that the five countries have decided to assist one another "in a virtually unlimited manner" to keep the "snake" alive

          - Reuters Agency
          - Echo de la Bourse, 8/9/10 March 1974

27 March 1974

Commission communication to the Council concerning the adjustment of the economic policy guidelines for 1974

      doc. COM(74)450 final, 27.3.1974
 

22/23 April 1974

Meeting at Zeist (Netherlands) of the EC Finance Ministers, who agree in principle that the central banks of the Community must be able to buy and sell gold at prices close to those on the free market 

          - Press release
 

13 May 1974

Proposal for a Council decision adjusting the economic policy guidelines for 1974 (presented by the Commission)

      doc. COM(74)689 final, 13.5.1974
 

5 June 1974

Urgent economic and monetary measures (Commission communication to the Council)

      doc. COM(74)1000, 5.6.1974
 

18 September 1974

Annual report on the economic situation in the Community, drawn up in accordance with Article 4 of the Council Decision of 18 February 1974 on the attainment of a high degree of convergence of the economic policies of the Member States of the European Economic Community (Commission proposal to the Council)

      doc. SEC(74)3355 final, 18.9.1974
      OJ C 149, 28.11.1974

10 October 1974

Proposal for a Council Regulation (EEC) concerning Community loans (presented by the Commission to the Council on 10 October 1974)

      OJ C 129, 22.10.1974
 

25 October 1974

Community's economic and financial situation since enlargement: Inventory and survey of future developments (Commission communication to the Council)

      doc. COM(74)1800 final, 25.10.1974
      Supplement 7/74 to EC Bulletin: "Community's economic and financial situation since enlargement"

14 November 1974

Medium‑term financial assistance for Italy (Commission communication to the Council)

      doc. COM(74)1925, 14.11.1974
 

14 November 1974

Economic situation in the Community (this communication constituted a working paper for the Council meeting of 18 November 1974 on the measures to be taken to tackle the structural problems in the economy resulting from the economic situation in the Community)

      doc. COM(74)1925, 14.11.1974
 

9/10 December 1974

Conference of the Heads of State in Paris reaffirming among other things the objective of EMU (point 14)

          - Press release (published in EC Bulletin, No 12‑1974
 

11 December 1974

Proposal for a Council Regulation (EEC) amending Council Regulation (EEC) No 907/73 of 3 April 1973 establishing a European Monetary Cooperation Fund (presented by the Commission on 12 December 1974)

      doc. COM(74)2106 final, 11.12.1974
      OJ C 44, 25.2.1974

17 December 1974

Council Directive of 17 December 1974 granting medium-term financial assistance to the Italian Republic (74/637/EEC)

          -   OJ L 341, 20.12.1974
          -   Compendium (supplement), p. 26

17 February 1975

Council Regulation (EEC) No 398/75 of 17 February 1975 implementing Regulation (EEC) No 397/75 concerning Community loans

          -   OJ L 46, 20.2.1975
          -   Compendium (supplement), p. 36

March 1975

Report by the study group on economic and monetary union 1980 and annex (EMU‑63)     
EC Commission

      doc. II/675/3/74 final
 

5 March 1975

Commission communication to the Council adjusting the economic policy guidelines for 1975

      doc. COM(75)91 final, 5.3.1975
 

5 March 1975

Summary account of the economic policies pursued in 1974 (presented by the Commission to the Council in accordance with Article 2 of the Decision of 18 February 1974)

      doc. COM(75)92 final, 5.3.1975
 

5 March 1975

Report on the application of the Council Decision of 18 February 1974 on the attainment on the high degree of convergence of the economic policies of the Member States of the European Economic Community and on the conformity of the policies pursued with the objectives set (presented by the Commission to the Council in accordance with Article 12 of the Council Decision of 18 February 1974)

      doc. COM(75)93 final, 5.3.1975
 

18 March 1975

Decision of the Board of Governors of the European Investment Bank (CG/37/75) on the conversion rates of national currencies in EIB units of account, which will, until the entry into force of a new definition, be based on the conversion rates of the new European unit of account comprising a basket of currencies of the countries of the European Community

          - Press release and EIB Annual Report 1975
 

21 April 1975

Council Decision of 21 April 1975 on the definition and conversion of the European Unit of Account used for expressing the amounts of aid mentioned in Article 42 of the ACP‑EEC Lomé Convention

          - OJ L 104, 24.4.1975, p. 35
 

Related Link Next: Period 1975 - 1980
Related Link Previous: Period 1969 - 1971
 


Top