At their meeting of 26 and 27 June 1989 in Madrid, the Heads of State or Government of the Twelve adopt the Delors Plan as the basis for further work on the stage-by-stage establishment of an economic and monetary union (EMU).

Le 12 mars 1990, le Conseil met en place une surveillance multilatérale qui couvre les aspects micro et macro des politiques économiques, ainsi que les politiques structurelles. La surveillance repose sur une logique de discussion et d'évaluation entre les pairs et donne lieu à la production de rapports périodes sur la situation économique, les perspectives et les politiques des Etats membres.

Following the Rome European Council which took place on 27 and 28 October 1990, the Heads of State and Government of the Twelve set the date for the start of the second stage of Economic and Monetary Union (EMU) as 1 January 1994.

On 28 October 1990, following the Rome European Council, François Mitterrand, French President, holds a press conference during which he discusses, in particular, the launching of the second stage of Economic and Monetary Union (EMU), the nature of the future single currency, the ecu and the number of countries eligible to participate in EMU.

On 28 October 1990, following the Rome European Council, Jacques Delors, President of the European Commission, outlines the prospects for and the implications of the gradual establishment of Economic and Monetary Union (EMU).

On 1 July 1990, all 12 Member States of the European Communities participate in the first stage of Economic and Monetary Union (EMU).

In this interview, Jacques de Larosière, former Governor of the Bank of France and former member of the committee chaired by Jacques Delors, President of the European Commission, which had the task of studying and proposing the practical stages leading to the gradual establishment of Economic and Monetary Union (EMU), explains France’s role in the European process of economic and monetary integration.

Le 24 avril 1992, Jean Krier, président de Association des banques et banquiers luxembourgeois (ABBL), décrit dans les colonnes de l'hebdomadaire luxembourgeois d'Lëtzebuerger Land les conséquences de l'Union économique et monétaire (UEM), avec l'introduction, à terme, de la monnaie unique, sur la place financière de Luxembourg.

On 6 October 1992, the Parliamentary Assembly of the Council of Europe invites the Committee of Ministers of the Twenty-Seven to ensure that the decision taken by the Twelve to establish Economic and Monetary Union (EMU) does not have any negative consequences for European cohesion.

On 30 May 1988, Karl Otto Pöhl, President of the Bundesbank, grants an interview to La Libre Belgique in which he considers the future of European monetary policy.

On 2 November 1989, John Major, Chancellor of the Exchequer, gives an address in the House of Commons in which he sets out the United Kingdom’s position on Economic and Monetary Union (EMU).

On 11 December 1991, during an interview granted to the French national television channel, Antenne 2, François Mitterrand, President of the French Republic, considers the implementation of a single European currency and outlines its various advantages.

On 25 May 1992, Helmut Kohl, Chancellor of the Federal Republic of Germany (FRG), delivers an address to the Association for the Monetary Union of Europe (AMUE) in which he emphasises the importance of achieving Economic and Monetary Union (EMU) and outlines the links between the European integration process and German reunification.

In December 1992, in the Italian diplomatic journal Affari Esteri, Tommaso Padoa-Schioppa, Deputy Director General of the Bank of Italy and former rapporteur for the Delors Committee on Economic and Monetary Union (EMU), outlines the origins and implications of EMU and considers its actual meaning for the Italian economy.

In September 1990, in an article for the Portuguese economics magazine Cadernos de Economia, Miguel Beleza, Portuguese Finance Minister, analyses the conditions required for Portugal’s accession to the European Monetary System (EMS).

On 30 October 1992, in the light of the monetary turbulence affecting some of the Member States of the European Communities, the European Parliament adopts a resolution on the development of and the prospects for the European Monetary System (EMS) and Economic and Monetary Union (EMU).

On 23 November 1992, Jacques Delors, President of the European Commission (on the left), talks to Henning Christophersen, Vice-President of the Commission (on the right), just before the opening, in Brussels, of the ECOFIN Council, during which the Finance Ministers of the Twelve will attempt to find a solution to the European monetary crisis.

In January 1993, the Bank of Spain analyses the performance of the peseta during the crisis affecting the European Monetary System (EMS).

On 11 February 1993, Jacques de Larosière, Governor of the Banque de France, gives an interview to the French daily newspaper Le Figaro in which he comments on France’s monetary policy in the light of the crisis affecting the European Monetary System (EMS).

On 5 March 1993, Jean-Claude Juncker, Luxembourg Finance Minister, analyses the crisis affecting the European Monetary System (EMS) and emphasises the implications of monetary integration in Europe.

On 8 April 1993, during his general policy statement to the French National Assembly, the new French Prime Minister, Édouard Balladur, refers, in particular, to the stability and solidity of the French franc as an important element in the European Monetary System (EMS).

On 2 August 1993, the Finance Ministers and Central Bank Governors of the Twelve decide to widen temporarily the margin for fluctuations between the currencies in the European Monetary System (EMS).

On 2 August 1993, in Bonn, Helmut Schlesinger, President of the Bundesbank (on the left) and Theodor Waigel, German Finance Minister (on the right), hold a joint press conference during which they comment, in particular, on the decision of the Finance Ministers and Governors of the Central Banks of the Twelve temporarily to widen the fluctuation margin of the currencies in the European Monetary System (EMS).

On 3 August 1993, the French daily newspaper Le Figaro comments on the decision taken by the Finance Ministers and Governors of the Central Banks of the Twelve to extend the margins for exchange rate fluctuations of the currencies participating in the European Monetary System (EMS) to 15 % in response to the exchange-rate crisis.

On 6 August 1993, the European Commission makes a solemn appeal to the 12 Member States of the European Communities to reinforce their cooperation in the economic and monetary fields in order to progress towards Economic and Monetary Union (EMU).

On 16 August 1993, François Mitterrand, President of the French Republic, grants an interview to the regional daily newspaper Sud-Ouest in which he analyses the crisis faced by the European Monetary System (EMS) and emphasises the action taken by France and Germany to support European integration.

On 16 September 1993, the European Parliament adopts a resolution on the monetary crisis affecting the European Monetary System (EMS) and expresses its concern at the political and economic consequences of the crisis for the 12 Member States of the European Communities.

On 23 October 1993, in the light of the monetary crises continually affecting the European Monetary System (EMS), the French daily newspaper Le Monde sets out the difficulties involved in the introduction of Economic and Monetary Union (EMU) in Europe.

In this interview, Jacques de Larosière, former Governor of the Bank of France, analyses the difficulties experienced by the European Monetary System during the monetary crisis of 1992–1993.