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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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A Semisecret Negotiation, Late March–Mid-July 1978

A Semisecret Negotiation, Late March–Mid-July 1978

(p.163) 6 A Semisecret Negotiation, Late March–Mid-July 1978
A Europe Made of Money

Emmanuel Mourlon-Druol

Cornell University Press

This chapter examines the quest for a new philosophy of the European Economic Community (EEC) exchange rate system, from Helmut Schmidt's “exotic idea” of late March 1978 to the publication of the Bremen Annex in mid-July of the same year. It begins with an overview of the monetary initiatives taken in March 1978, and culminating at the European Council in Copenhagen in early April 1978. It then considers the parallel attempts at hatching a new plan for European monetary cooperation, following the Copenhagen Summit, until the presentation of the Schulmann-Clappier draft that would form the basis of discussion at the Bremen European Council. It also traces the road to the production of the Bremen final communiqué that outlined the final guidelines of the European Monetary System. The chapter concludes by looking at the work (semi)secretly carried out by the so-called Group of Three, which devised what would become the Bremen Annex.

Keywords:   exchange rate system, European Economic Community, Helmut Schmidt, Bremen Annex, European Council, European monetary cooperation, Schulmann-Clappier draft, European Monetary System, Group of Three, Copenhagen Summit

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