Werner Plan

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

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 re-commend 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 Azores Islands at the end of 1971).