16 June 1975

Council Decision of 16 June 1975 adjusting the economic policy guidelines for 1975 (75/361/EEC)

–      OJ L 162, 25.6.1975
 

25 June 1975

Commission report on European Union

–      doc. COM(75)400, 25.6.1975 (EC Bulletin supplement)
 

10 July 1975

Reintegration of the French franc into the European exchange‑rate system

          - Press releases (by the French Government and the countries participating in the European exchange‑rate system)
 

23 July 1975

Commission recommendation to the Member States concerning the measures to combat the recession

–      doc. C(75)1106 final, 23.7.1975
–      OJ L 209, 7.8.1975
 

10 October 1975

Proposal for a Council Regulation (EEC) on the setting up of a European Communities Institute for Economic Research and Analysis (presented by the Commission to the Council on 10 October 1975)

–      OJ C 258, 11.11.1975
 

28 November 1975

Proposal for a Council Decision renewing the medium‑term financial assistance machinery (presented by the Commission to the Council)

–      doc. COM(75)605 final, 28.11.1975
 

18 December 1975

Council Directive adapting the conditions laid down for the grant of medium-term financial assistance to the Italian Republic (75/784/EEC)

          - OJ L 330, 24.12.1975
          - Compendium (supplement), p. 29
 

18 December 1975

Council Decision renewing the machinery for medium‑term financial assistance (eight years instead of four) (75/785/EEC)

          - OJ L 330, 24.12.1975
          - Compendium (supplement), p. 29
 

18 December 1975

Council Decision on an amendment to the timetable for the preparation of the annual report on the economic situation in the Community (75/787/EEC)

          -   OJ L 330, 24.12.1975
 

18 December 1975

Commission Decision on the definition and conversion of the unit of account to be used in decisions, recommendations, opinions and communications for the purposes of the Treaty establishing the European Coal and Steel Community (3289/75/ECSC)

          -   OJ L 387, 19.12.1975
          -   Compendium (supplement), p. 60
 

29 December 1975

Tindemans report on European union, and in particular Part III.A "Economic and monetary policy"

–      Supplement 1-76 to EC Bulletin
 

16 January 1976

OPTICA '75 report     
Towards economic equilibrium and monetary unification in Europe
(Report by a group of independent experts set up by the Commission)

–      EC Commission, doc. II/909/75 final
 

15 March 1976

Meeting in Brussels of the Finance Ministers and Central Bank Governors of the countries participating in the European exchange‑rate system;  the French franc leaves the system

          - Press release
 

15 March 1976

Council Decision concerning a Community loan in favour of the Italian Republic and Ireland (76/322/EEC) (USD 1 billion to Italy, USD 300 million to Ireland)

          - OJ L 77, 24.3.1976
          - Compendium (supplement), p. 38
 

20 September 1976

Council Decision on 20 September 1976 concerning the changing of a tranche of a Community loan from variable to fixed rates of interest (76/771/EEC)

–      OJ L 265, 29.9.1976
 

10 February 1977

1976 OPTICA Report — Inflation and exchange rates: evidence and policy guidelines for the European Community

–      EC Commission, doc. No II/855/76 final
 

April 1977

Report by the study group on the role of public finances in European integration

Vol. I:   General report

Vol. II:  Individual contributions and working documents
                              –      EC Commission, doc. II/10/77
 

15 June 1977

Communication to the European Council: Investment and borrowing in the Community

–      doc. COM(77)300 final, 15.6.1977
 

28 August 1977

Meeting of the Finance Ministers and Central Bank Governors of the countries participating in the European exchange‑rate system.  The Swedish krona leaves the system;  the remaining participants restate their determination to continue with the European system of limited margins of fluctuation

           - Bundesbank press release
 

17/18 September 1977

Informal meeting of the members of the Commission in La Roche (Ardennes) to discuss:

·      institutional aspects and enlargement

·      the economic consequences of enlargement, notably in the Mediterranean regions

·      the prospects for economic and monetary union

–      EC Bulletin, No 9‑1977
 

5 October 1977

Commission communication to the Council on improving the coordination of national economic policies

–      doc. COM(77)443 final, 5.10.1977
 

27 October 1977

Speech on monetary union delivered by Roy Jenkins at the University of Firenze

–      EC Bulletin, No 10‑1977
 

17 November 1977

Communication on the prospects for economic and monetary union (European Council, 5 and 6 December 1977, in Brussels)

–      doc. COM(77)620 final, 17.11.1977
 

21 November 1977

Council Decision adopting the annual report on the economic situation in the Community and setting the economic policy guidelines for 1978

–      OJ L 323, 11.11.1977
 

5/6 December 1977

Brussels European Council

Definitive text of the Conclusions of the Presidency:  document of the Secretariat‑General SI (77) 1045 Fin of 19 December 1977

Key points:

·        Reaffirmation of the objective of EMU

·        Introduction of the European unit of account (EUA) in the budget of the European Communities as from 1 January 1978

·        Three‑yearly programming for the European Regional Development Fund (EUA 1.85 billion)

·        Approval of the principle of establishing a new Community borrowing and lending instrument (on an experimental basis) and of management of the loans by the European Investment Bank (EIB)

·        Strengthening of monetary solidarity (adjustment of the short‑ and medium‑term credit mechanisms)

          - Extracts from the Conclusions in Compendium 1979, p. 37
          - Press release, 6.12.1977
 

19 December 1977

Council Decision of 19 December 1977 amending Decision 71/143/EEC of 22 March 1971 setting up machinery for medium-term financial assistance (78/49/EEC)

Changes:

–        Doubling of commitment ceilings

–        1 U.A.‑IMF (1971 decision) = 1 EUA

          - OJ L 14, 18.1.1978
 

20 February 1978

Commission communication to the Council concerning the economic and monetary action programme for 1978

–      doc. COM(78)52 final
 

20 February 1978

Council proposal empowering the Commission to contract loans for the purpose of promoting investment within the Community

–      doc. COM(78)26 final, 30.1.1978
 

7/8 April 1978

Copenhagen European Council:  Agreement in principle on the creation of a zone of monetary stability in Europe 

          -   Final communiqué, 8.4.1978
 

6/7 July 1978

Bremen European Council:  Agreement on the broad lines of a European Monetary System (EMS):

·        comprising all the currencies of the EC and open to participation by other currencies

·        based on a European Currency Unit (ECU) that will be the pillar of the system

·        possessing rules that will be at least as strict as the "snake"

·        endowed with substantial financial resources via pooling of part of central bank reserves

·        involving replacement of the EMCF with a European Monetary Fund at the latest two years after the entry into force of the EMS

          - Final communiqué, 7.7.1978
 

6/7 July 1978

The Council adopts a programme of concerted action for increasing significantly economic growth in Europe.

–      OJ L 220, 11.8.1978
 

24 July 1978

Council Decision concerning measures for each Member State designed to revive economic activity through concerted Community action (78/658/EEC)

          - OJ L 220, 11.7.1978, p. 28
 

16 October 1978

Council Decision on the new Community instrument (NCI) empowering the Commission to contract loans for the purpose of promoting investment within the Community, notably in the energy and infrastructure fields (78/870/EEC)

          -   OJ L 298, 25 October 1978, p. 9
         

4/5 December 1978

Brussels European Council:  Resolution on the establishment of the European Monetary System (EMS) and related matters

          - Compendium 1979, p. 42
 

18 December 1978

The Council adopts the minimum regulations necessary for the implementation of EMS, but the start‑up of EMS is conditional on agreement being reached on monetary compensatory amounts (MCAs).

The regulations and decision concerned:

·        Change in the value of the unit of account used by the EMCF (Regulation (EEC) No 3180/78 of 18 December 1978)

·        Establishment of the European Monetary System (EMS) (Regulation (EEC) No 3181/78 of 18 December 1978)

·        Adjustment to the machinery for medium‑term financial assistance (Decision 78/1041/EEC of 21 December 1978)

          - OJ L 379, 30.12.1979
          - Compendium 1979, p. 70
 

13 March 1979

Agreement between the central banks of the Member States laying down the operating procedures for the European Monetary System (EMS), including:

·        central rates in ECUs

·        intervention rules

·        operation of the divergence indicator

·        very short‑term financing
        ·        creation, utilisation and remuneration of ECUs
                                                                                   -   Compendium 1979, p. 58

Agreement between the central banks of the Member States on the amendment to the short‑term monetary support system  in view of the start‑up of EMS

          -   Compendium 1979, p. 65
 

24 September 1979

Realignment of currencies within the EMS decided by the central banks and Finance Ministers of the countries participating in the system

·        2% revaluation of the German mark against all the other EMS currencies except the Danish krone

·        3% devaluation of the Danish krone against all the other EMS currencies except the German mark

          - Press release
 

30 November 1979

Realignment of currencies within the EMS

·        the Danish krone is devalued by 5% against all the other EMS currencies

·        given the definition of the ECU as a currency basket, readjustment of the central rates of all the currencies in terms of the ECU

          - EC Bulletin, No 11‑1979, p. 34
 

17 March 1980

The Council gives its general endorsement to the ideas set out in the Commission communication on improving economic policy coordination (COM(80)101 of 5 March 1980) and calls on the specialised committees to strengthen economic policy coordination on this basis

          - EC Bulletin, No 3‑1980, p. 26
 

15 July 1980

The Council releases a second loan tranche of ECU 400 million under the new Community instrument (NCI).

          -   OJ L 205, 7.8.1980
 

20 October 1980

The Council releases the balance of ECU 100 million of the second loan tranche under the NCI.

This amount may be used exceptionally for the financing of factories constructed with a view to future requirements and of housing in certain regions of the Community (economic and industrial development project).

          - OJ L 326, 2.12.1980