Chronology of the European Monetary Union

Discussion/News about Europe, EU, politics

Moderators: Fons, Phaseolus

User avatar
ART
Euro-Master
Euro-Master
Posts: 5222
Joined: Sat Oct 16, 2004 8:26 pm

Chronology of the European Monetary Union

Postby ART » Sun Jan 09, 2011 5:48 am

Fundamental steps of Euro from the dawn to the institution:



1960

November - Pierre Werner propose the institution of an European currency of account called " Euror ".

1961

The Committee for the United States of Europe (said Monnet Committee also, because formed in October 1955 for proposal of Jean Monnet) proposes to realize an European Union of the Monetaries Reserve, like first step towards an European currency.

1962

The Marjolin Memorandum proposes a sort of monetary union to realize with fixed cross rates between currencies of the EEC.

Van Campen report in favor of a federal organization of the central banks.

The European Commission propose the institution of a system of fixed cross rates between the European currencies and the creation of an European reserve currency like stage towards the monetary union.

November - Werner proposes the creation of a Monetary Institute of the Community that implements and directs an European common monetary policy.

1966

November - Dichgans Report on the creation of the European Monetary Union.

1968

The European Commission elaborate the Bars Report resuming the idea of the fixed cross rates.

1969

December - The chiefs of state and government of EEC, in Den Haag, agrees on the objective of the monetary union and shows the institution of an European fund of reserve.

1970

October - Introduced the Werner Report on the realization of the monetary union. The plan foresaw the institution of a common currency on December 31th, 1980.

Scannings of the original document in English
http://ec.europa.eu/economy_finance/emu ... ystage.pdf

French
http://ec.europa.eu/economy_finance/emu ... ecomon.pdf

German
http://ec.europa.eu/economy_finance/emu ... severw.pdf

Dutch
http://ec.europa.eu/economy_finance/emu ... nlikin.pdf

1972

The MFE (European Federalist Movement) launch the "Campaign for the european common currency" proposing for the future currency the name " Euro ".

April - Born the "Snake", agreement for the regulation of the cross rates between Belgium, France, Germany, Italy and The Netherlands.

October - The European Council of Paris confirm the objective of monetary union proposed in Den Haag.

1975

March - Created the EUA (European Unit of Account), a basket of fixed amounts of currencies of the nine states of EEC. This new unit replaces the gold unit of account used since the creation of the Community for the computations in the agricultural sector and the budget.

November - The Manifest of the Helloween day on European monetary union, published from nine economists in " The Economist ", contain the proposal of creation of a parallel currency.

1977

October - Speech of R. Jenkins (President of the Commission) in Florence with the propose to resume the plan of monetary unification.

1978

April - European Council of Copenhagen: Giscard d'Estaing and Schmidt propose the creation of the EMS (European Monetary System).

December - The European Council of Bruxelles/Brussel institute the EMS.

1979

March - The EMS enter in function with Belgium, Denmark, France, Germany, Ireland, The Netherlands and Italy. The value and the composition are initially equal of EUA and from January 1981 the ECU will replace the EUA as unit of account in the community budgets.

1984

February - The European Parliament approve the plan of the Treaty of European union elaborated from the Spinelli Commission, than lunch again the plan of monetary union.

1986

December - Formation of the Committee for the European monetary union (Committee Giscard d'Estaing-Schmidt).

1987

The Padoa-Schioppa report defines the monetary union optimal solution for Europe in mid term.

1988

Presentation of favorable opinions for monetary union from the Action Committee for the United States of Europe, from the minister Balladur, the European Prime Minister Genscher and from the president of the European Commission Delors.

March - Presentation of the proposal of monetary union from the Committee Giscard d'Estaing-Schmidt

June - The European Council of Hannover, presided from J. Delors, institutes the committee in order to study and to propose the concrete stages for the monetary union.

1989

Aprlil - Presentation of the Delors Report.

June - The European Council of Madrid decides the beginning of the first phase of the monetary union second the prescriptives of the Delors Report.

1990

April - Common letter of Kohl and Mitterrand to the other chiefs of state and government that proposes to accelerate the process, fixing a calendar for the intergovernmental conference for the monetary union.

November - Plan of the ESCB (European System of Central Banks) and ECB statutes.

December - The intergovernmental Conference for the monetary union is opened to Rome.

1991

December - Conclusion of the intergovernmental Conference for the monetary union.

December - European Council of Maastricht: final agreements on the treatys for the monetary union and is decided that the passage to the third phase of the monetary union, with the introduction of the Euro, will have to happen within January 1st, 1999.

1992

Signed the Maastricht Treaty.

1999

On first January the Euro is unique currency, to all the effects, initially usable in form of cheque and electronic money only. The EUR /US $ cross rate in its first day of life is 1,1667. In 2002 the cash of former-currencies is simply replaced by Euro coins and notes.
"If you lose, you can't win" (Andrea)
"Let's go to see the monsters" (Andrea)
. . . . . . . . . . . . . . . . . . . . . . . . .
European soul, European pride.

User avatar
Jes
Euro-Master
Euro-Master
Posts: 4930
Joined: Thu May 24, 2007 9:38 pm
Location: Away from home (once again)
Contact:

Re: Chronology of the European Monetary Union

Postby Jes » Sun Jan 09, 2011 11:40 am

Nice work! :D

I like reading things like this one! Congrats! :D

Now, it might be a good idea to include that from 2007 onwards there were several enlargements of the EMU area (Slovenia, Cyprus & Malta, Slovakia and then, Estonia)

Once again: I like reading it! 8)
Jes Speaks English, French, Spanish, Tokpisin and Esperanto. (Currently learning Swahili).
Don't fear perfection, you'll never reach it! (by Salvador Dali)
my EBT: http://es.eurobilltracker.com/profile/?user=121292" coins and banknote collector. :)

User avatar
ART
Euro-Master
Euro-Master
Posts: 5222
Joined: Sat Oct 16, 2004 8:26 pm

Re: Chronology of the European Monetary Union

Postby ART » Sun Jan 09, 2011 7:27 pm

Thanks, I have written it because I think it's important to know the history of the monetary union.
"If you lose, you can't win" (Andrea)
"Let's go to see the monsters" (Andrea)
. . . . . . . . . . . . . . . . . . . . . . . . .
European soul, European pride.

User avatar
claudio vda
Euro-Master
Euro-Master
Posts: 8754
Joined: Wed Nov 07, 2007 2:35 pm
Location: Pisa (IT) + Bremen (DE)
Contact:

Re: Chronology of the European Monetary Union

Postby claudio vda » Sun Jan 09, 2011 7:50 pm

I don't know if they can be considered, but during the World War II some anti-fascists were theorizing an European Union for the future.
My statistics are HERE, last update 17th September 2017 .
Join the European Association of Eurobilltrackers (A2E) !!!

User avatar
Jes
Euro-Master
Euro-Master
Posts: 4930
Joined: Thu May 24, 2007 9:38 pm
Location: Away from home (once again)
Contact:

Re: Chronology of the European Monetary Union

Postby Jes » Sun Jan 09, 2011 9:50 pm

ART wrote:Thanks, I have written it because I think it's important to know the history of the monetary union.

I think it is important too.
Jes Speaks English, French, Spanish, Tokpisin and Esperanto. (Currently learning Swahili).
Don't fear perfection, you'll never reach it! (by Salvador Dali)
my EBT: http://es.eurobilltracker.com/profile/?user=121292" coins and banknote collector. :)

User avatar
ART
Euro-Master
Euro-Master
Posts: 5222
Joined: Sat Oct 16, 2004 8:26 pm

Re: Chronology of the European Monetary Union

Postby ART » Sun Jan 09, 2011 10:07 pm

claudio vda wrote:I don't know if they can be considered, but during the World War II some anti-fascists were theorizing an European Union for the future.


I know, but in this chronology I limit me to the concrete steps of the monetary union only.

However I will write about WWII age project of union in other thread.
"If you lose, you can't win" (Andrea)
"Let's go to see the monsters" (Andrea)
. . . . . . . . . . . . . . . . . . . . . . . . .
European soul, European pride.


Return to “Europe-Board”