On 15 August 1971, in an adress to the nation, US President, Richard Nixon, announces the implementation of his new economic policy and speaks in detail about the measures taken to increase prosperity in the United States.
On 16, 17 and 18 August 1971, the European Commission expresses its astonishment at the decision of American President, Richard Nixon, to suspend the convertibility of the dollar into gold and to introduce a 10% import surcharge.
On 17 August 1971, the German newspaper Süddeutsche Zeitung examines the consequences for international trade of the United States’ suspending the dollar’s convertibility into gold.
On 17 August 1971, the Italian newspaper Corriere della Sera expresses concern about the economic consequences, in Europe and throughout the world, of the United States’ unilateral decision to suspend the dollar’s convertibility into gold.
On 17 August 1971, the French newspaper Le Monde sets down the reasons for the announced suppression by the United States of the dollar’s convertibility to gold and points out the risk of a devaluation of the American currency.
‘The currency standard’. In this cartoon published in the German newspaper Süddeutsche Zeitung on 17 August 1971, the cartoonist, Murschetz, portrays the end of the dollar’s convertibility into gold as a precursor to the dollar’s freefall on the world’s stock markets.
On 18 August 1971, the French President comments on the US decision to suspend the convertibility of the dollar into gold and calls for closer monetary cooperation at Community level.
On 24 August 1971, at a meeting of the GATT Council in Geneva, the European Economic Community (EEC) condemns the protectionist measures taken by the US President, Richard Nixon, regarding international trade.
On 10 September 1971, a memorandum from the Commission to the Council of Ministers of the European Communities sets out the measures under consideration by Europe in response to the United States’ decision to suspend the dollar’s convertibility into gold.
On 25 September 1971, during a press conference at the Élysée Palace, French President, Georges Pompidou, analyses US monetary policy and calls for a reorganisation of the international monetary system.
On 25 April 1994, French daily newspaper Le Monde recalls the US motivation for deciding, on 15 August 1971, to suspend the convertibility of the dollar into gold.
