Roy Jenkins in the context of "Social Democratic Party (UK)"

The European Monetary System (EMS) was a multilateral adjustable exchange rate agreement in which most of the nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations in relative value. It was initiated in 1979 under then President of the European Commission Roy Jenkins as an agreement among the Member States of the EEC to foster monetary policy co-operation among their Central Banks for the purpose of managing inter-community exchange rates and financing exchange market interventions.

The EMS functioned by adjusting nominal and real exchange rates, thus establishing closer monetary cooperation and creating a zone of monetary stability. As part of the EMS, the EEC established the first European Exchange Rate Mechanism (ERM) which calculated exchange rates for each currency and a European Currency Unit (ECU): an accounting currency unit that was a weighted average of the currencies of the 12 participating states. The ERM let exchange rates to fluctuate within fixed margins, allowing for some variation while limiting economic risks and maintaining liquidity.

Encounter was a literary magazine founded in 1953 by poet Stephen Spender and journalist Irving Kristol. The magazine ceased publication in 1990 and the operations closed in 1991. Published in the United Kingdom, it was an Anglo-American intellectual and cultural journal, originally associated with the anti-Stalinist left. The magazine received covert funding from the Central Intelligence Agency who, along with MI6, discussed the founding of an "Anglo-American left-of-centre publication" intended to counter the idea of Cold War neutralism. The magazine was rarely critical of American foreign policy and generally shaped its content to support the geopolitical interests of the United States government.

Spender, who served as co-editor until 1965 and then as a contributing editor, resigned in 1967, together with his replacement Frank Kermode, after the covert CIA funding for the magazine was revealed. Thomas W. Braden, who headed the CIA's International Organisations Division's operations between 1951 and 1954, said that the money for the magazine "came from the CIA, and few outside the CIA knew about it. We had placed one agent in a Europe-based organization of intellectuals called the Congress for Cultural Freedom." Roy Jenkins observed that earlier contributors were aware of U.S. funding but believed it came from philanthropists, including a Cincinnati gin distiller.