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The design of the Monetary and Economic Union

Headquarters of the European Central Bank in Frankfurt.EFE

On October 8, 1970, Pierre Werner, Prime Minister and Minister of Finance of Luxembourg, presented the report that the Council of the EEC had commissioned him at the Hague Conference. In it, he outlined the principles, design, and stages for the EC to form an Economic and Monetary Union (EMU). The Council adopted the report in 1971 concluding that: “EMU is an objective which, if the political will of the Member States expressed at the Hague conference is maintained, is achievable within a decade. The deadline was not respected, but when the euro was introduced on January 1, 1999 …