Chapter 3: The Werner Report and the collapse of Bretton Woods
The follow up meeting of the Council of Ministers of the Six Member States in Paris on 6 March 1970 placed the creation of an economic and monetary union at the top of their agenda. This meeting formalised the rather vague statements in the Final Communiqué of the Hague summit about union by appointing an expert group under the direction of the Prime Minister of Luxembourg, Pierre Werner, which would flesh out the details of how this union would be achieved. The so-called Werner Plan was submitted to the Commission as an interim report on 20 May 1970 with the Final Report (Werner Report, 1970) presented on 13 October 1970. It outlined a comprehensive timetable for the creation of a full economic and monetary union by the end of the decade. The Council of Ministers formally endorsed Werner’s three-stage implementation plan on 22 March 1971. Willy Brandt told the Bundestag on 6 November 1970 that the Werner proposal was the ‘great common task of the 1970s’ and that it represented a ‘new Magna Carta for the Community’ (Deutscher Bundestag, 1970: 4269).
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.