Through the first half of 1975, Western leaders were primarily focused on their respective efforts to overcome the two economic crises which had drastically altered the international economic system of the West. With the world economy rapidly spiralling downward, Western leaders began to change their tactics in summer 1975. A key alteration to their approach, and central to overcoming the economic difficulties, was the establishment of the first heads of state gathering of the Group of Five (G5) in Rambouillet, France, in November 1975. Inflationary economic policies, high levels of dollar liquidity, poorly regulated Euromarkets and surging union wage demands combined to push prices both nationally and internationally higher and higher throughout the early 1970s. By November 1975 the G5 summit, or Rambouillet as it had come to be known, was set to take place. Bonn's willingness to adopt a mediating role and drive compromise was also crucial to the establishment of the G5.