Werner Plan

Werner Plan (or Werner Report) - at the European Summit in The Hague in 1969, the Heads of State and Government of the European Community agreed to prepare a plan for economic and monetary union. The Werner Report was drawn up by a working group chaired by Pierre Werner, Luxembourg's Prime Minister and Minister for Finances, and presented in October 1970.

The three stage plan proposed gradual, institutional reform leading to the irrevocable fixing of exchange rates and the adoption of a single currency within a decade, though it did not recommend the establishment of a central bank. The plan was never implemented, due to pressure of the United States (France retired its support after a France-USA meeting in the Azores at the end of 1971).

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