European Monetary System
It was the successor to the Ortoli Commission and was succeeded by the Thorn Commission. Despite stagnating growth and a higher energy bill, the Jenkins Commission oversaw the development of the Economic and Monetary Union of the European Union from 1977, which began in 1979 as the European Monetary System, a forerunner of the Single Currency or euro. President Jenkins was the first President to attend a G8 summit on behalf of the Community.