Werner Plan
Werner Plan - 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, but it did not recommend the establishment of a central bank. The plan was never implemented because of pressure of the United States.
There are several references to "the transfer of responsibility from the national authorities
to Community authorities".Footnotes
