On 26 January 1968, Pierre Werner, Minister of State and President of the Luxembourg Government, gives an address in Saarbrücken at the CDU economic congress entitled ‘The outlook for European financial and monetary policy’. In this address, he sets out a ‘five-point action plan’ for European monetary integration based on the creation of a European unit of account, fixed exchange rates between European currencies, consultation, and internal and external solidarity between the Member States of the European Communities. He also raises the idea of a monetary cooperation fund.