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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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Chasing the Ghosts of Failed Negotiations, Mid-July–Late September 1978

Chasing the Ghosts of Failed Negotiations, Mid-July–Late September 1978

Chapter:
(p.196) 7 Chasing the Ghosts of Failed Negotiations, Mid-July–Late September 1978
Source:
A Europe Made of Money
Author(s):

Emmanuel Mourlon-Druol

Publisher:
Cornell University Press
DOI:10.7591/cornell/9780801450839.003.0008

This chapter examines the European Monetary System (EMS) negotiations from the Bremen European Council until late September 1978, when the debate over the role of the European Currency Unit in the new exchange rate system had been largely settled, and how such negotiations relate to monetary debates of the previous years. It first considers the early technical discussions leading up to the first post-Bremen Finance Council of July 24 and goes on to discuss the second phase of discussions in August, during which the European Economic Community (EEC) member states made their official positions known. It then assesses the progressive evolution of the negotiations along a Bundesbank-inspired line over the month of September. It also analyzes the “concurrent studies” and the emergence of differing opinions on the most important points concerning the exchange rate system.

Keywords:   concurrent studies, European Monetary System, European Council, European Currency Unit, exchange rate system, Finance Council, European Economic Community, negotiations

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