Die erste Phase der Wirtschafts- und Währungsunion
Die erste Phase der Wirtschafts- und Währungsunion
Im Vorfeld der ersten Phase der Wirtschafts- und Währungsunion
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.
Pressekonferenz von Felipe González Márquez und Jacques Delors nach dem Europäischen Rat von Madrid (27. Juni 1989)
VideoNach dem Europäischen Rat von Madrid erläutern Felipe Gonzalez Marquez, spanischer Ministerpräsident und amtierender Ratsvorsitzender der Europäischen Gemeinschaften, und Jacques Delors, Präsident der Europäischen Kommission, am 27. Juni 1989 die wichtigsten Punkte der drei Stufen, die schließlich zur Wirtschafts- und Währungsunion (WWU) führen sollen.
Press conference held by Margaret Thatcher at the Madrid European Council (27 June 1989)
BildOn 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.
Pressekonferenz von François Mitterrand nach dem Europäsichen Rat von Straßburg (9. Dezember 1989)
VideoAm 9. Dezember 1989 gibt der französische Staatspräsident und amtierende Ratsvorsitzende der Europäischen Gemeinschaften François Mitterrand eine Pressekonferenz, auf der er die Entscheidung der Zwölf für die Einberufung einer Regierungskonferenz (RK) zur schrittweisen Einführung der Wirtschafts- und Währungsunion (WWU) bekannt gibt.
Round-table discussion at the Strasbourg European Council (8 and 9 December 1989)
BildAt 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.
Die erste Phase de WWU (01.07.1990 - 31.12.1992)
‘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.
Pressekonferenz von François Mitterrand nach dem Europäischen Rat von Rom (28. Oktober 1990)sichen ssue du Conseil européen de Rome (28 octobre 1990)
VideoAm 28. Oktober 1990 gibt der französische Staatspräsident und amtierende Ratsvorsitzende der Europäischen Gemeinschaften François Mitterrand nach dem Europäischen Rat von Rom eine Pressekonferenz, auf der er vor allem über die zweite Stufe der Wirtschafts- und Währungsunion (WWU), die zukünftige Währung, den Ecu, und über die Zahl der Länder spricht, die an der WWU teilnehmen sollen.
Pressekonferenz von Jacques Delors nach dem Europäsichen Rat von Rom (28. Oktober 1990)
VideoAm 28. Oktober 1990 spricht der Präsident der Europäischen Kommission Jacques Delors nach dem Europäischen Gipfel von Rom über die Perspektiven und die Bedeutung der schrittweisen Realisierung der Wirtschafts- und Währungsunion (WWU).
Die erste Phase de WWU (01.07.1990 - 31.12.1992)
Cartoon by Alfredo on Spain and the United Kingdom’s position at the Rome European Council (1990)
BildFollowing 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)
BildOn 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)
TonIn 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.
"Ist das Europäische Währungssystem noch zu retten?" in Neue Zürcher Zeitung (3. April 1993)
TextAm 3. April 1993 fragt die Schweizer Neue Zürcher Zeitung nach der Zukunft der im Maastrichter Vertrag vorgesehenen Wirtschafts- und Währungsunion, während sich Europa in einer schweren Krise befindet.
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.
Die Mitgliedstaaten und die erste Phase der WWU
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 und die Währungsunion" in Le Monde (30. Oktober 1990)
TextNach dem europäischen Gipfel von Rom analysiert die französische Tageszeitung Le Monde am 30. Oktober 1990 die Vorbehalte der britischen Premierministerin Margaret Thatcher gegenüber dem Zeitplan für die Wirtschafts- und Währungsunion (WWU).
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.
Karikatur von Haitzinger über Deutschland und die WWU (5. Dezember 1991)
Bild„ … nur noch wenige tausend Tage!“ Im Dezember 1991 zeigt der Karikaturist Horst Haitzinger die Furcht vieler Deutschen bei dem Gedanken, ihre Währung, die „Deutsche Mark“, für die gemeinsame europäische Währung aufgeben zu müssen.
Cartoon by Hanitzsch on Germany and EMU (1991)
Bild‘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).
Die Mitgliedstaaten und die erste Phase der WWU
'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)
TonIn 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.