The Vice-President of the European Commission Speaks to the European Parliament on Monetary Situation and Issues

The Vice-President of the European Commission, Raymond Barre, responsible for Economic and Financial Affairs, in a speech to the European Parliament regarding problems that have arisen concerning the pound, inter-community relations and the dollar, among other things, advocates for the system of the “European monetary snake”, where central banks can intervene between various currencies and limit their fluctuation margin (with a maximum limit of 2.25%). Furthermore, he calls on the six member states to proceed with increased monetary austerity.