ABSTRACT
Following the decision of March 1971, the governors of EEC central banks decided to reduce the intra-EEC margins of fluctuation from 1.5 to 1.2 per cent on either side of the parity. This arrangement was planned to start in June of the same year and was intended to mark the first concrete measures of the launching of EMU. But this decision coincided with the worst international monetary crisis since the end of the Second World War and with the collapse of the Bretton-Woods system; as a result it was never applied.
