The first stage of Economic and Monetary Union
The first stage of Economic and Monetary Union
Towards the first stage of Economic and Monetary Union
Conclusions of the Madrid European Council: extract concerning economic and monetary union (26 and 27 June 1989)
TextAt 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).
Press conference held by François Mitterrand at the end of the Madrid European Council (27 June 1989)
TextOn 27 June 1989, at the end of the Madrid European Council, François Mitterrand, President of the French Republic, answers journalists’ questions on the implementation of the first stage of Economic and Monetary Union (EMU), scheduled for 1 July 1990, and on the convening of an Intergovernmental Conference (IGC) in preparation for the subsequent stages thereof.
Press conference held by Felipe González Márquez and Jacques Delors following the Madrid European Council (27 June 1989)
VideoOn 27 June 1989, following the Madrid European Council, Felipe González Márquez, Spanish Prime Minister and President-in-Office of the Council of the European Communities, and Jacques Delors, President of the European Commission, outline the implications of the three stages leading to Economic and Monetary Union (EMU).
Press conference held by Margaret Thatcher at the Madrid European Council (27 June 1989)
ImageOn 27 June 1989, following intense negotiations at the Madrid European Council, British Prime Minister Margaret Thatcher holds a press conference on the implementation of the first stage of Economic and Monetary Union (EMU) from 1 July 1990.
"Les Douze à la recherche d'un accord sur l'union monétaire européenne" dans El País (27 juin 1989)
TextOn 27 June 1989, the Madrid-based daily newspaper El País reports on the Madrid European Council of 26 and 27 June, which was the scene of bitter negotiations to reach an agreement on monetary union based on the Delors Report. British Prime Minister Margaret Thatcher was reluctant to yield a degree of sovereignty to new supranational organisations and played down the importance of the Delors Report, a document that proposed a three-stage process that would culminate in a federation of European central banks and the establishment of a common currency. French President François Mitterrand rebuffed the arguments of the British Prime Minister, arguing that ‘Europe cannot be built without transfers of sovereignty’, because ‘that is the very basis of European integration’.
'European unity relies on wider monetary stability' from The Guardian (28 June 1989)
TextOn 28 June 1989, the day after the Madrid European Council’s decision to approve the gradual implementation of economic and monetary union (EMU), the British left-wing daily newspaper The Guardian calls for the European states to implement greater monetary discipline.
'Coming home weaker but no wiser' from The Guardian (28 June 1989)
TextOn 28 June 1989, commenting on the decision of the Madrid European Council to endorse the establishment of economic and monetary union (EMU) in three stages, the British left-wing daily newspaper The Guardian summarises the criticisms levelled at EMU by Margaret Thatcher’s government.
Parliamentary debates in the House of Commons on the outcome of the Madrid European Council (29 June 1989)
TextOn 29 June 1989, in London, commenting on the outcome of the Madrid European Council held on 26 and 27 June, British MPs debate the issue of Economic and Monetary Union (EMU) and criticise the April 1989 Delors Plan which provides for the implementation of EMU in three successive stages.
‘Following the Madrid European Council: agreement on Economic and Monetary Union remains particularly precarious' from Le Monde (29 June 1989)
TextOn 29 June 1989, commenting on the outcome of the Madrid European Council held on 26 and 27 June, the French daily newspaper Le Monde outlines the difficult negotiations between the United Kingdom and its European Community partners on fixing the timescale for Economic and Monetary Union (EMU).
‘The single currency after Madrid' from Le Monde (4 July 1989)
TextOn 4 July 1989, commenting on the outcome of the Madrid European Council held on 26 and 27 June, the French daily newspaper Le Monde indicates some ambiguities in the Delors Report and the Twelve’s difficulties in securing a joint definition of the aims of and the arrangements for Economic and Monetary Union (EMU).
Note from the European Commission on the ecu and the first stage of EMU (27 November 1989)
TextOn 27 November 1989, the European Commission’s Directorate General for Economic and Financial Affairs (DG II) addresses a note to the members of the Monetary Committee which analyses the ecu (European Currency Unit) market in the light of the first stage of Economic and Monetary Union (EMU).
Conclusions of the Strasbourg European Council: extract concerning Economic and Monetary Union (8 and 9 December 1989)
TextOn 8 and 9 December 1989, during the Strasbourg European Council, the Heads of State or Government of the Twelve decide, in particular, that the Intergovernmental Conference (IGC) on the final stages of Economic and Monetary Union (EMU) will reconvene before the end of 1990.
Press conference held by François Mitterrand following the Strasbourg European Council (9 December 1989)
VideoOn 9 December 1989, following the Strasbourg European Council, François Mitterrand, French President and President-in-Office of the Council of the European Communities, holds a press conference during which he announces the Twelve’s decision to convene an Intergovernmental Conference (IGC) on the establishment of Economic and Monetary Union (EMU) in successive stages.
Round-table discussion at the Strasbourg European Council (8 and 9 December 1989)
ImageAt the meeting of the European Council, held on 8 and 9 December 1989 in Strasbourg, the Heads of State or Government of the Twelve decide to convene an intergovernmental conference (IGC) with a view to the revision of the Community treaties and the establishment of economic and monetary union (EMU).
Parliamentary debates in the House of Commons on the outcome of the Strasbourg European Council (12 December 1989)
TextOn 12 December 1989, the British Parliament debates the decisions adopted at the end of the Strasbourg European Council, held on 8 and 9 December, regarding the implementation of Economic and Monetary Union (EMU) and questions the United Kingdom’s participation in the European Monetary System (EMS).
Communication by Lamberto Dini on monetary policy in the EMU (19 January 1990)
TextOn 19 January 1990, Lamberto Dini, Director of the Bank of Italy and member of the Monetary Committee of the European Communities, raises the issue of monetary policy within the Economic and Monetary Union (EMU), with particular emphasis on the role of the European System of Central Banks (ESCB).
Jean-Jacques Rey, From the European Monetary System to the European single currency: some reflections
TextOn 18 June 1990, Jean-Jacques Rey, Director of the National Bank of Belgium (BNB), delivers a lecture to members of the non-governmental organisation Cercle Populaire Européen (European People’s Circle) in which he expresses his confidence in the success of Economic and Monetary Union (EMU), whose first stage begins on 1 July 1990, while at the same time identifying the challenges to be overcome in this field by the Twelve.
The first phase of EMU (01.07.1990 - 31.12.1993)
‘A single currency in a federal system' from Europe (18 April 1990)
TextOn 18 April 1990, Emanuele Gazzo, Director of Agence Europe, sees the implementation of Economic and Monetary Union (EMU) as the logical consequence of a federal European Union.
Note from the European Commission on the preparation of the EMU-EUROFED conference (Dublin, 28 April 1990)
TextOn 28 April 1990, the European Commission sends to the European Foreign Ministers a note on economic and monetary union (EMU) and on the implementation of a new monetary institution, EuroFed.
Conclusions of the special meeting of the Rome European Council: excerpt on EMU (27 and 28 October 1990)
TextFollowing 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.
Press conference held by François Mitterrand following the Rome European Council (28 October 1990)
VideoOn 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.
Press conference held by Jacques Delors following the Rome European Council (28 October 1990)
VideoOn 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).
The first phase of EMU (01.07.1990 - 31.12.1993)
Cartoon by Alfredo on Spain and the United Kingdom’s position at the Rome European Council (1990)
ImageFollowing the Rome European Council held on 27 and 28 October 1990, the Spanish cartoonist Alfredo comments on the opposition of Margaret Thatcher, British Prime Minister, to the setting of a timetable for economic and monetary union. At the meeting, Margaret Thatcher rejects the Spanish proposal to postpone the deadlines. In the cartoon, Felipe González, as a good Andalusian, launches his charm offensive with the Iron Lady, who remains impassive.
Report from the Interinstitutional Conference on Economic and Monetary Union (Luxembourg, 8 April 1991)
TextOn 8 April 1991, in Luxembourg, the Interinstitutional Conference on Economic and Monetary Union (EMU) considers the implications and the progress of the establishment of EMU.
"Le secteur bancaire luxembourgeois face à l'UEM" dans d'Lëtzebuerger Land
TextLe 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.
‘The danger of a single currency' from Le Monde diplomatique (September 1992)
TextIn September 1992, the French magazine Le Monde diplomatique warns against the threat to the economy of a single European currency.
Recommendation 1195 (1992) of the Parliamentary Assembly of the Council of Europe (6 October 1992)
TextOn 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.
‘Survival’ from Le Monde Diplomatique (September 1993)
TextIn September 1993, Ignacio Ramonet, leader-writer for the French monthly newspaper Le Monde Diplomatique, harshly criticises the dangers for the fight against unemployment and for economic development in Europe of maintaining the convergence criteria laid down by the Maastricht Treaty in order to prepare for the transition to the third stage of Economic and Monetary Union (EMU).
Economic and Monetary Union (1 July 1990)
ImageOn 1 July 1990, all 12 Member States of the European Communities participate in the first stage of Economic and Monetary Union (EMU).
Interview with Jacques de Larosière: EMU and the 1992–1993 monetary crisis (Paris, 22 May 2008)
Audio extractIn 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.
‘Can the European Monetary System still be saved?’ from the Neue Zürcher Zeitung (3 April 1993)
TextOn 3 April 1993, as Europe faces a serious monetary crisis, the Swiss daily newspaper Neue Zürcher Zeitung speculates on the future of the Economic and Monetary Union provided for in the Maastricht Treaty.
Interview with Alexandre Lamfalussy: the political desire to achieve EMU (Brussels, 18 March 2010)
VideoIn this interview, Alexandre Lamfalussy, General Manager of the Bank for International Settlements (BIS) from 1985 to 1993 and President of the European Monetary Institute (EMI) from 1994 to 1997, describes the method employed by Jacques Delors, President of the European Commission from 1985 to 1994, to obtain the support of the Heads of Government of the main Member States — particularly the Federal Republic of Germany — so as to enable the introduction of a single European currency. He goes on to speak about the direct support offered by Helmut Kohl when Lamfalussy was President of the EMI.
The Member States and the first stage of EMU
‘The vision of a European monetary area’ from the Frankfurter Allgemeine Zeitung (28 May 1988)
TextOn 28 May 1988, in an article in the German daily newspasper Frankfurter Allgemeine Zeitung, Karl Otto Pöhl, President of the Bundesbank, sets out his views with regard to the establishment of a European monetary area.
Interview with Karl Otto Pöhl from La Libre Belgique (30 May 1988)
TextOn 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.
‘European integration’ from the Cadernos de Economia (October 1989)
TextIn May 1989, the economist Victor Manuel Riberio Constâncio, former Portuguese Finance Minister and former Secretary-General of the Portuguese Socialist Party, delivers an address in Lisbon to members of the Associação Promotora do Ensino dos Cegos (Teaching Promotional Association for the Blind — APEC) in which he reviews the origins and consequences of the introduction of the European Single Act and the modified European Monetary System (EMS).
Address given by John Major on Economic and Monetary Union (London, 2 November 1989)
TextOn 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).
'Monetary union and the dilemma that could leave us condemned' from The Guardian (27 June 1990)
TextOn 27 June 1990, the British daily newspaper The Guardian speculates as to whether it is economically and politically feasible for the United Kingdom to participate in an economic and monetary union (EMU).
'London and monetary union' from Le Monde (30 October 1990)
TextOn 30 October 1990, two days after the end of the Rome European Summit, the French daily newspaper Le Monde analyses the hesitations of Margaret Thatcher, British Prime Minister, with regard to the timetable for Economic and Monetary Union (EMU).
Statement by the Confederation of Employers and Industries of Spain (Madrid, 21 November 1990)
TextOn 21 November 1990, the Confederation of Employers and Industries of Spain (CEOE) gives its views on the implications of Economic and Monetary Union (EMU).
Communiqué issued by the French Council of Ministers on the establishment of EMU (5 December 1990)
TextOn 5 December 1990, the French Council of Ministers notifies its support for the plan for Economic and Monetary Union (EMU) and outlines the various stages leading thereto.
Cartoon by Haitzinger on Germany and EMU (5 December 1991)
Image‘… only a few thousand days to go!’ In December 1991, the German cartoonist, Horst Haitzinger, illustrates the fears of many German people at the idea of having to abandon their national currency, the Deutschmark, for the single European currency.
Cartoon by Hanitzsch on Germany and EMU (1991)
Image‘Chancellor of European unity: Sacrifice for Europe ’91.’ In 1991, the cartoonist, Hanitzsch, illustrates the ulterior motive of the Federal Chancellor, Helmut Kohl, behind the abandonment of the national currency, the Deutschmark, in favour of the single European currency.
Interview granted to Antenne 2 by François Mitterrand: excerpts on EMU (11 December 1991)
TextOn 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.
Note from the Spanish Ministry of Economic Affairs on EMU (Madrid, 24 January 1991)
TextOn 24 January 1991, the Spanish Ministry of Economic Affairs forwards a note to Jacques Delors, President of the European Commission, regarding Spain’s position on the establishment of Economic and Monetary Union (EMU).
‘Europe of the Twelve minus one' from L'Europe en Formation (Autumn 1990)
TextIn autumn 1990, the leader-writer of the federalist magazine L’Europe en Formation criticises the policy of Margaret Thatcher, British Prime Minister, with regard to Economic and Monetary Union (EMU).
The Member States and the first stage of EMU
Address given by Helmut Kohl on Economic and Monetary Union (25 May 1992)
TextOn 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.
'No qualms over union' from the Financial Times (4 November 1992)
TextOn 4 November 1992, the special edition of the British daily newspaper Financial Times on Luxembourg includes an analysis of the impact of the Maastricht Treaty on the Luxembourg economy and public opinion.
Tommaso Padoa-Schioppa, European Monetary Union and Italy (December 1992)
TextIn 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.
Interview with Jacques de Larosière: France’s role during the economic and monetary integration process (Paris, 22 May 2008)
Audio extractIn 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.