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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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Economic Rapprochement, Monetary Standstill, July 1976–June 1977

Economic Rapprochement, Monetary Standstill, July 1976–June 1977

(p.99) 4 Economic Rapprochement, Monetary Standstill, July 1976–June 1977
A Europe Made of Money

Emmanuel Mourlon-Druol

Cornell University Press

This chapter examines the paradoxical double turnaround in mid-1976: the improvement of economic convergence among European Economic Community (EEC) member states but the relative standstill in European monetary cooperation. Focusing on the period starting with France's decision to follow a strong anti-inflationary program until just before the Commission's decision to prioritize monetary union in mid-1977, the chapter considers the “Duisenberg proposals” and the emergence of an essentially Franco-German consensus about the need to prioritize the fight against inflation. It also assesses reactions to the Duisenberg proposals over the winter 1976–1977 and how the heads of government addressed the sudden worsening of economic prospects. Finally, it explores the planned revival of discussions about the Economic and Monetary Union among heads of government and the final rejection of most of the propositions contained in the Duisenberg initiative.

Keywords:   economic convergence, European Economic Community, European monetary cooperation, France, Duisenberg proposals, inflation, Economic and Monetary Union

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