Economic and Monetary Union; European single currency; Euro; Macroeconomic governance; Monetary policy; Budgetary policy; Centre of decision for economic policy; Community system for central banks; Pierre Werner; Jean Monnet; Robert Triffin; The Werner Commitee; Action Committee for the United States of Europe; Social dimension; Consensus
Abstract :
[en] On 8 October 1970 in Luxembourg, Pierre Werner officially presented the plan by stages for an economic and monetary union (EMU) in the European Community. This document was the result of seven months of discussions by a group of experts from the six Member States, chaired by the Luxembourg Prime Minister and Finance Minister. The Werner Report set out the broad lines, principles and stages of an EMU based on the principle of irreversibility and an approach rooted in perfect symmetry between the economic and monetary aspects, with political union as the ultimate objective. It provided for the creation of a “centre of decision for economic policy” that would be “politically responsible to a European Parliament” elected by universal suffrage, and a “Community system for the central banks”. It introduced the notion of strong macroeconomic governance, requiring the coordination of budgetary and monetary policies, and full financial integration. It also envisaged the involvement of the “social partners” (employers and unions) in defining economic and monetary policy, since the social dimension was seen as an intrinsic part of EMU.
Although it was ultimately not implemented, the Werner Report led to the creation of the European Monetary Cooperation Fund (EMCF) in 1973 in Luxembourg – the embryo of the future European Central Bank. This institutional architecture was inspired by the reflections on a European reserve fund initiated in 1948 by Robert Triffin and subsequently developed through his discussions with Jean Monnet and Pierre Werner. The three were committed to the European cause and shared the same vision of EMU, rooted in “perfect parallelism”, democratic strength and a social dimension. Robert Triffin and Jean Monnet, together with other members of Monnet’s Action Committee for a United States of Europe, intended to work on the strategy devised by Pierre Werner to build a political consensus around the report.
Research center :
- Luxembourg Centre for Contemporary and Digital History (C2DH) > Contemporary European History (EHI)
Disciplines :
History General economics & history of economic thought Arts & humanities: Multidisciplinary, general & others Political science, public administration & international relations
Author, co-author :
Danescu, Elena ; University of Luxembourg > Luxembourg Centre for Contemporary and Digital History (C2DH) > Contemporary European History
External co-authors :
yes
Language :
English
Title :
Epistemic communities in building EMU: Pierre Werner, Robert Triffin and Jean Monnet in European monetary cooperation.
Publication date :
07 October 2020
Event name :
EMU in Uncertain Times: Learning from the Past to Navigate the Future
Event organizer :
Luxembourg Centre for Contemporary and Digital History (C²DH) University of Luxembourg Cooperation with: European University Institute, Forence Cooperation with: Robert Triffin International Cooperation with: Fondation Jean Monnet pour l'Europe Cooperation with: Banque centrale du Luxembourg (BCL) Cooperation with: European Stability Mechanism (ESM) Cooperation with: European Investment Bank (EIB)
Event place :
Belval (Maison des Arts et des Étudiants), Luxembourg
University of Luxembourg - UL CE - Commission Européenne [BE] EDIC University of Luxembourg (Convention COMM/LUX/ED/003/Belval/2018-2020)
Commentary :
EMU in Uncertain Times: Learning from the Past to Navigate the Future
Conference available via live streaming (provided by the Media Centre of the University of Luxembourg).
Wednesday 7 October 2020
Part I. Learning from the Past
11.45 – 13.00 – Plenary session: Between memory and history: Epistemic communities in building EMU
Chair: Bernard Snoy et d’Oppuers (President of Robert Triffin International, Professor at the Université Catholique de Louvain)
Pierre Werner, Robert Triffin, Jean Monnet and European monetary cooperation from the 1960s to the 1980s (the emerging concept of a “European reserve fund”)
• Pierre Werner – Elena Danescu (Research Scientist, Luxembourg Centre for Contemporary and Digital History, University of Luxembourg)
• Robert Triffin – Ivo Maes (Professor, Université Catholique de Louvain/National Bank of Belgium) with Ilaria Pasotti (Researcher, Catholic University of Milan)
• Jean Monnet – Gilles Grin (Director, Fondation Jean Monnet pour l’Europe – Lausanne)
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Worldwide Media Coverage of the series of events "The Werner Report, 50 Years On" (Luxembourg, 6-9 October 2020)
Online
• Paperjam
• Henri de Luxembourg à la conférence "The Werner Report, 50 Years on"
• early lessons from the crisis
• Yves Mersch: European economic governance: early lessons from the crisis
• Henri blij met alle felicitaties
• Bce in modalità "whatever it takes"
• MIL-OSI Economics: European economic governance: early lessons from the crisis
• Yves Mersch: European economic governance: early lessons from the crisis
• European economic governance: early lessons from the crisis
• Yves Mersch: European economic governance - early lessons from the crisis
• BCE: Mersch, emissione di debito comune temporanea, non puo' essere regola
• The Economic and Monetary Union by Stages: Anniversaries of the Werner Report and the Euro Rescue Funds
• 50 Joer Pierre Werner Rapport
• MORNING BRIEFING - SERVIÇO PORTUGUÊS REUTERS
• Les héritiers de Pierre Werner face à une nouvelle crise
• The Economic and Monetary Union by stages
• Join monetary talk - Delano - Luxembourg in English
• Uni.lu to Hold International Conference for 50th Anniversary of Werner Report
• Join monetary talk - Delano - Luxembourg in English
Print
• Gramegna there
• Der Blick zurück
• Der Visıionär Werner
• «Vouloir, connaître, agir »
