Et fornyet politisk samarbejde i Europa begunstigedes ved forbundskansler Helmut Schmidts og præsident Giscard d'Estaings overtagelse af magten i henholdsvis Tyskland og Frankrig i maj 1974, idet de begge var overbevist om, at det var umuligt at løse tidens alvorlige problemer på rent national basis.
Europe received a new political impetus in May 1974 when Valéry Giscard d'Estaing became President of France and Helmut Schmidt became Federal Chancellor in Germany, for both men were convinced that it was impossible to solve the serious economic problems of the day by purely national measures.