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| Title |
The first stage of Economic and Monetary Union
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| Document type |
Synopsis
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| Source |
Pierre Gerbet. Translated by the CVCE.
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| Keywords |
Delors Plan, Economic and Monetary Union, euro, European Monetary System, timetable for EMU, Treaty on European Union, unification of Germany
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| Copyright |
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| Caption |
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| Location in the digital library |
HISTORICAL EVENTS >> 1987–1997 The European Union in a Europe in the throes of change >> Towards Economic and Monetary Union (EMU) >> The first stage of Economic and Monetary Union
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| Document extract |
The first stage of Economic and Monetary Union
The Delors Report was well received. The economic conditions were favourable. The opening of the Single Market inspired optimism in business circles. There was no doubt as to the need for Economic and Monetary Union, even if the terms were still to be determined. The Madrid European Council (26 and 27 June 1989) affirmed its ‘determination to achieve progressively Economic and Monetary Union’, specified that ‘its realisation would have to take account of the parallelism between economic and monetary aspects’, and decided to launch the first stage on 1 July 1990, with the requisite arrangements being adopted by the competent bodies (the Ecofin Council, the Commission, the Committee of Central Bank Governors and the Monetary Committee). For the final stages, the European Council decided to begin preparations for the Intergovernmental Conference which would adopt a new treaty. The first stage was implemented with the introduction of complete freedom of movement of capital and with the strengthening of the EMS when Spain joined the exchange-rate mechanism in June 1989, followed by the United Kingdom in 1990. Only the Greek drachma remained outside the system. At the same time, joint control of economic policies within the Council of Ministers was strengthened, and cooperation among the central banks in the (...) Read more in ENA |
| See also |
Cartoon by Cummings on EMU (22 February 1997)
Danish Government's official report on EMU (Copenhagen, 27 November 1989)
Cartoon by Cummings on Germany and the euro (7 June 1997)
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