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

Approuvé par les ministres des Finances fin janvier 1970, l'accord entre banquiers centraux instituant un mécanisme de soutien monétaire à court terme est signé le 9 février 1970. Géré par le comité des gouverneurs des banques centrales des Communautés, le système permet aux banques centrales de bénéficier d'un soutien pour financer les déséquilibres temporaires des balances des paiements. Les ressources mises à disposition par les membres s'élèvent à 2 milliards de dollars selon un système de quotas. Toute demande de soutien déclenche le mécanisme de consultation des politiques économiques.

On 4 March 1970, the Commission of the European Communities submits a communication to the Council on the principles that should be taken into consideration for the establishment of a plan in stages for economic and monetary union.

On 6 March 1970, in accordance with the commitments made by the Heads of State or Government of the Six following the December 1969 European Summit in The Hague, the Council adopts a Decision, in Brussels, on the establishment of an international group of experts — to be chaired by the Luxembourg Prime Minister, Pierre Werner — instructed to draw up a report on the establishment of economic and monetary union.

Table listing the members of the Werner Group, a body instructed to draw up a report on the gradual establishment of economic and monetary union in the European Community.

In this interim report to the Council and the Commission dated 23 July 1970 on the establishment by stages of economic and monetary union, the group chaired by the Luxembourger Pierre Werner seeks to identify the main options guiding its work.

On 8 October 1970, the Luxembourg Prime Minister and Finance Minister, Pierre Werner, submits his final report on the feasibility of economic and monetary union (EMU) to the Council of Ministers and to the European Commission.

On 8 October 1970, Pierre Werner, Luxembourg Prime Minister and Finance Minister, presents his final report to the press on the prospects for the step-by-step achievement of economic and monetary union (EMU).

In an RTL broadcast aired on 8 October 1970, the European Commission Vice-President and renowned professor of economics, Raymond Barre, outlines the proposals for economic and monetary union set out in the Werner Report.

On 24 November 1970, the Foreign and Finance Ministers of the Six meet at the Palais des Congrès in Brussels to discuss the proposed establishment of an Economic and Monetary Union. At the talks, Karl Schiller (left), German Minister for Economic Affairs, meets his French counterpart, Valéry Giscard d’Estaing.

In his memoirs, the former Luxembourg Prime Minister, Pierre Werner, recalls why and how the Six took a formal decision in March 1971 to implement European economic and monetary union (EMU).

On 20 October 1970, commenting on the submission by Pierre Werner, Luxembourg Prime Minister and Finance Minister, of the report on the stage-by-stage implementation of Economic and Monetary Union, on 8 October, the French daily newspaper Le Monde takes a critical look at the establishment of a single currency for the Member States of the European Communities.

On 24 November 1970, the German daily newspaper Süddeutsche Zeitung comments on the first debates held in the Council of Ministers on the Werner Report on European economic and monetary union. Germany and France are quick to contest some of the conclusions reached during those debates.

On 10 February 1971, the day after the meeting of the Council of Ministers of the European Community in Brussels, the Netherlands daily newspaper Nieuwe Rotterdamse Courant outlines the schedule for the establishment of Economic and Monetary Union as provided for by the Werner Report.

On 22 March 1971, following the deliberations of the Economic and Financial Affairs Council (Ecofin) held on 8 and 9 February 1971, the Council and the representatives of the Member States adopt a resolution on the achievement by stages of Economic and Monetary Union (EMU).

On 21 March 1972, the Council and the representatives of the governments of the Member States of the European Communities adopt a resolution on the application of the Resolution of 22 March 1971 on the achievement by stages of economic and monetary union (EMU).