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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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Conflicting Options, July 1977–March 1978

Conflicting Options, July 1977–March 1978

(p.132) 5 Conflicting Options, July 1977–March 1978
A Europe Made of Money

Emmanuel Mourlon-Druol

Cornell University Press

This chapter examines how the debate over the Economic and Monetary Union (EMU) resurfaced at the very top of the European Economic Community's (EEC) political agenda, from the decision of the Commission to prioritize European monetary cooperation in mid-1977, until before preparation of the European Council's meeting of April 1978 in Copenhagen. It first explores why and how the Commission decided to prioritize monetary cooperation in the EEC in mid- to late 1977. It then discusses events before, during, and after the Brussels European Council in 1977, at which the EEC heads of government had planned to take perspectives on EMU into consideration. It also looks at Helmut Schmidt's turnaround—the German chancellor became convinced around January–February 1978 that a new European monetary scheme was needed—and the reelection of the French government in March 1978.

Keywords:   Economic and Monetary Union, European Economic Community, European monetary cooperation, European Council, Helmut Schmidt

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