Die Vorhaben zur Einrichtung eines Europäischen Währungsfonds, unter anderem von Robert Triffin, der von 1969 bis 1974 Mitarbeiter des Aktionskomitees für die Vereinigten Staaten für Europa war, werden in den achtziger Jahren schließlich zugunsten einer Europäischen Zentralbank aufgegeben.

In 1970, Pierre Werner, then Luxembourg Prime Minister, in his role as Chairman of the working party instructed to draw up a study on economic and monetary union, submitted a plan to be carried out in stages. The plan was intended to achieve the end result of complete union and called for the establishment of a single Community currency. With regard to the institutions, the ‘Werner Report’ proposed the establishment of a centre for decision-making on economic policy and a Community system of central banks.

In 1969, in Strasbourg, Pierre Werner, Luxembourg Minister of State, Prime Minister and Finance Minister, speaks about European economic and monetary union (EMU).

On 3 April 1973, the Council adopts a Regulation establishing the European Monetary Cooperation Fund (EMCF). As Pierre Werner had envisaged in his ‘Report concerning the stage-by-stage implementation of economic and monetary union’, the EMCF was initially placed under the authority of the governors of the central banks and was later to be integrated into a Community of central banks organisation.

In June 1988, the Hanover European Council entrusts to a Committee chaired by Jacques Delors, President of the Commission of the European Communities, ‘the task of studying and proposing concrete stages leading towards the progressive realisation of economic and monetary union (EMU).' The ‘Delors Report', published in April 1989, proposes that EMU be achieved in three stages. During stage two, a European System of Central Banks (ESCB) will be set up in order to make preparations for the transition to the single Community currency during the third stage.

Jacques Delors, President of the Commission of the European Communities from 6 January 1985 to 6 January 1995.

Following the Hanover Summit of 27 and 28 June 1988, the Delors Committee is given the task of studying and putting forward proposals for the phases which are to lead to the creation of an economic and monetary union. The establishment of a European Central Bank proves to be an indispensable precondition for the achievement of such a union.

The European Council, meeting in Madrid on 26 and 27 June 1989, decides to launch the first stage of economic and monetary union on 1 July 1990.

Protocol (n°18) annexed to the Treaty establishing the European Community by the Treaty on European Union of 7 February 1992.

Protocol (n°18) annexed to the Treaty establishing the European Community by the Treaty on European Union of 7 February 1992. Consolidated version including the amendments of the Treaty of Nice of 26ºFebruary 2001.

Protocol (n°18) annexed to the Treaty establishing the European Community by the Treaty on European Union of 7 February 1992. Consolidated version including the amendments of the Act concerning the conditions of accession of ten new Member States and the adjustments to the Treaties on which the European Union is founded, signed in Athens on 16 April 2003.

Protocol (No 18) annexed to the Treaty establishing the European Community by the Treaty on European Union of 7 February 1992. Consolidated version including the amendments made by Council Decision 2003/223/EC of 21 March 2003 and the Act concerning the conditions of accession of the 10 new Member States and the adjustments to the Treaties on which the European Union is founded of 16 April 2003.

Protocol (No 19) annexed to the Treaty establishing the European Community by the Treaty on European Union of 7 February 1992.

Council Decision of 13 December 1996, adopted in accordance with Article 109 J (new Article 121) paragraph 3 of the Treaty EC, on embarking on the third phase of economic and monetary union. The European system of central banks (ESCB) and the European Central Bank (ECB) exercise fully their powers and responsibilities from the first day of the third phase of economic and monetary union, on 1 January 1999.

On 30 January 1998, in Davos, Wim Duisenberg, President of the European Monetary Institute (EMI), presents the new European System of Central Banks (ESCB) which is scheduled to replace the EMI from 1 January 1999, the date on which commences the third stage of Economic and Monetary Union (EMU).

Excerpt from a press conference given by Jacques Santer, President of the European Commission, following the adoption by the Commission, on 25 March 1998, of the ‘Report to the Council on the progress made in the fulfilment by the Member States of their obligations regarding the achievement of economic and monetary union’ (Article 121(1) of the EC Treaty).

Extract from the press conference held by Wim Duisenberg, President of the European Monetary Institute (EMI), following the adoption by the EMI, on 25 March 1998, of the ‘report to the Council on the progress made in the fulfilment by the Member States of their obligations regarding the achievement of economic and monetary union’ (Article 121(1) of the EC Treaty).

Extract from the press conference held by Gordon Brown, President of the ECOFIN Council, on the recommendation adopted by the Council, on 2 May 1998, concerning the fulfilment by the Member States of the necessary conditions for the adoption of a single currency. On the basis of the reports drawn up by the European Monetary Institute and the European Commission, the Council accordingly adopted its conclusions on the 11 countries fulfilling the convergence criteria and forwarded these to the Council, meeting in the composition of the Heads of State or Government, in order for a decision to be taken (Article 121(2) and (3) of the EC Treaty).

On 3 May 1998, the European Parliament is consulted on and approves the Council recommendation regarding the 11 Member States which fulfil the conditions necessary for the adoption of a single currency.

Images from the inauguration ceremony of the European Central Bank (ECB) held on 30 June 1998 in Frankfurt, including an extract from an address given by its President, Wim Duisenberg, on the historic dimension of the adoption of the single currency scheduled for 1 January 1999.

Of the 15 Member States of the European Union, only 11 will enter the euro-zone on 1 January 1999. Greece, the United Kingdom, Denmark and Sweden, for various reasons, will not participate in the third phase of EMU.

In this press release, the ECB welcomes the first enlargement of the euro area: Greece adopts the single currency and becomes the twelfth country belonging to the Eurosystem.

Pierre Werner, founding father of the Economic and Monetary Union, dies on 24 June 2002 in Luxembourg at the age of 88 years. The German daily newspaper Frankfurter Allgemeine Zeitung pays tribute to this great man.

Am 3. Oktober 2000, einen Monat vor dem Ende der Amtszeit des ersten Präsidenten der Europäischen Zentralbank, zieht die französische Tageszeitung Le Monde eine Bilanz der „Duisenberg-Jahre“.

On 1 January 2007, Slovenia becomes the 13th country of the European Union to adopt the euro. In its edition of 2 January, the Luxembourg daily newspaper Tageblatt describes the enthusiasm in the country with regard to this event.

In this press release dated 7 January 2008, the European Commission welcomes the success of the introduction of the euro in Cyprus and Malta on 1 January.

Map showing the development of the euro zone and the increase in the number of Member States participating since its establishment on 1 January 1999.