With Finance Minister Delors at the helm, France changed course towards a clearly non-inflationary policy. Others followed.
BIS Review 114/1997  - 10 -  This step, initiated by France, paved the way •  for a gradual convergence of inflation rates at a low level in the 1980s,  •  for increasingly stable exchange rates within the ERM,  •  and, finally, for making a further-reaching monetary union conceivable again.