The Werner Report
This chapter analyses the main concepts in the interim report (11 May 1970) and the final report (8 October 1970): the start and end points and alternative ways of joining them in three stages over a ten-year period (1971–1980), with only the first three-year stage described in detail. The ultimate aim was irreversible convertibility between currencies, liberalisation of capital movements and irrevocable fixing of exchange rates, with the potential introduction of a single currency. The chapter analyses the decisive input of the Committee of Governors of the Central Banks and the clash between ‘monetarists’ and ‘economists’, which ultimately, through Werner’s mediation, led to a ‘parallel approach’ to EMU. Based on the report, the Commission presented its own plan for EMU on 29 October 1970.