European Council of Dublin, 29-30/11/1979

At the European Council of Dublin, the Heads of State and Government examined, among other things, the evolution of the Community economy and its prospects for 1980, especially in light of the deflationary impact of petrol price increases. They noted that, despite the progress resulting from the coordination of economic action agreed upon during the European Council of Bremen, the desired objectives, particularly maintaining growth and combating inflation, have not been fully achieved. The current difficulties require deeper coordination of economic and monetary policies of the member states. Under these circumstances, the European Council reaffirmed its intention to establish a European Monetary Fund according to the planned schedule. The European Council also examined the global energy situation, which continues to be very serious.