The Werner Report: A Blueprint for EMU?

Abstract

After the Werner Report was put on hold, several political initiatives (such as the Spierenburg Plan, the Report by Lord Cromer’s Group and the Tindemans Report) and scholarly endeavours (discussions on the idea of a ‘parallel currency’, proposals from Professors Mundell and Magnifico and the ‘All Saints’ Day Manifesto’) were launched in the early 1980s. But the Werner Report remained a blueprint for EMU, as the Delors Report and the Maastricht Treaty would confirm 20 years later. This chapter compares the two reports, identifying the main similarities (stage-by-stage implementation, parallel approach, monetary union) and differences (how the economic pillar would develop into a political union), and considers the extent to which the Werner Report continued to serve as a reference and a basis for EMU.