In November 1968, a European Space Conference held in Bonn decided on a proposal to merge the ELDO with the ESRO, forming a pan-European space authority by early 1970; known as the European Space Agency (ESA), this organisation would not be formed until 1975. Britain was lukewarm to the idea and did not believe that Europe could launch satellites economically. By 1970, the French launch base in French Guiana had cost £45 million, and in that year France became the most important partner in the project, then planning to build two-thirds of the rocket as well as owning the launch site. Although only on paper, Britain's involvement in the project has been much reduced, after being largely responsible (with an Australian launch site) for getting the entire project going in the first place. However, all of the launchers, to the very end of the programme, were completely dependent on the British rocket used for the first stage.