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The European Monetary Cooperation Fund

In: The Road to European Monetary Union

Author

Listed:
  • André Szász

    (Dutch Central Bank)

Abstract

In addition to the reduction of fluctuation margins between Community currencies, the 1971 resolution announced the early establishment of a European Monetary Cooperation Fund ‘to be integrated at a later stage into the Community organisation of central banks.’ While the reduction of fluctuation margins had not been mentioned at the summit in The Hague in December 1969 but only came up in the Werner Committee, the examination of a ‘European Reserve Fund’ was announced in the Hague communiqué. The initiative came from Germany’s new Chancellor Willy Brandt. In his memoirs he says the offer he made was important, encouraged by Jean Monnet and admonished to extreme caution by the technical departments concerned … As soon as the conditions would be met, we would be ready to collaborate to establish such a tool for common policy and to establish its modalities. We would be prepared to transfer a certain part of our reserves to the Fund and to accept common management of these reserves, together with the corresponding part of the reserves transferred by our partners.1

Suggested Citation

  • André Szász, 1999. "The European Monetary Cooperation Fund," Palgrave Macmillan Books, in: The Road to European Monetary Union, chapter 6, pages 46-50, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59947-5_6
    DOI: 10.1057/9780230599475_6
    as

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