The European Economic and Monetary Union: Werner’s vision and the challenges of Bretton Woods
Keywords:
Werner Report, Bretton Woods SystemAbstract
The Economic and Monetary Union represents a unique example of integration; however, the path towards the Maastricht Treaty and the proclamation of the euro as a unified currency was not instantaneous. At the Hague Summit (1–2 December 1969), a decision was made to explore the possibilities of advancing towards an economic and monetary union, and a committee of experts was established at the request of the Council of the European Community, chaired by the Prime Minister and Minister of Finance of Luxembourg, Pierre Werner. In October 1970, the Werner Report was issued, setting forth a detailed plan for the transition to the union and providing a definition of the economic and monetary union. Nevertheless, the report coincided with a wave of international monetary crises, beginning with the suspension of the dollar's convertibility and the disintegration of the Bretton Woods system, followed by the Smithsonian Agreements, which ultimately led to the official suspension of the Werner Project.
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