On 24 July 1970, Johann-Baptist Schöllhorn, State Secretary in the Ministry of the Economy of the Federal Republic of Germany, receives a telegram in preparation for the forthcoming meeting of the Werner Group on 27 July 1970. In the telegram, Otmar Emminger, Deputy President of the Bundesbank, sets out his position on the proposal of Gerard Brouwers, Chairman of the Conjunctural Policy Committee and member of the Werner Group, concerning the final stage of economic and monetary union.