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A Europe Made of MoneyThe Emergence of the European Monetary System$
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Emmanuel Mourlon-Druol

Print publication date: 2012

Print ISBN-13: 9780801450839

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801450839.001.0001

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Shifting away from the Werner Approach, May 1974–May 1975

Shifting away from the Werner Approach, May 1974–May 1975

(p.30) 2 Shifting away from the Werner Approach, May 1974–May 1975
A Europe Made of Money

Emmanuel Mourlon-Druol

Cornell University Press

This chapter examines how the Western European governments and the European Economic Community (EEC) itself tried to move on after the failure of the Werner Plan, starting with the 1974–1975 initiative of the French government. More specifically, it considers the extent to which the partial buildup of consensus about the need for action at the European level and about the need to adopt stability-oriented economic policies led to the adoption of several proposals. The chapter first discusses the context in which these various proposals appeared before analyzing the parallel attempts of the EEC and the French government to set out an improved version of the EEC exchange rate system (known as the snake, created in 1972). It then assesses France's second attempt to achieve such reforms following the reentry of the French franc in the snake. It also explains how these proposals, especially the Fourcade memorandum, introduced at an EEC level a whole set of issues that would remain on its agenda for years to come.

Keywords:   economic policies, Western Europe, European Economic Community, Werner Plan, exchange rate system, France, Fourcade memorandum

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