April 24, 1972

Entry into force of the European 'currency snake'

At the end of the 1960s, the Member States of the Communities were hit by monetary problems that compromised the working of the common market. To avert the difficulties caused by divergent national economic policies, the Six agreed on a phased plan aimed at creating a European Economic and Monetary Union; based on a proposal from Raymond Barre (then Vice-President of the Commission), Pierre Werner from Luxembourg presented a report on this subject in 1970. Three years later, the German Karl Schiller drew up a system designed to reduce currency fluctuations among the Six: the 'currency snake' was born, the distant ancestor of the euro.

evt-entree-en-vigueur-du-serpent-monetaire-europeen-24-avril-1972