A TALE OF TWO TREATISES: THE WERNER AND DELORS REPORTS AND

After that the focus is on the new dynamism in the Euro- pean Union in the second half of the 1980s and the Delors Report. [...] At the end of the 1960s, doubts about the future of the fixed exchange rate system became widespread, especially with the devalu- ation of the French franc in 1969 and the vulnerable position of the US dollar. [...] The countries of the Community feared that further exchange-rate instability would lead to the disinte- gration of the customs union and the demise of the common agricultural policy. [...] The members of the group were the Chairmen of the main economic policy committees of the European Community: the Monetary Com- mittee (Bernard Clappier, French treasury), the Committee of Governors of Central Banks (Hubert Ansiaux of the National Bank of Belgium), the Short-term Economic Policy Commit- tee (Gerard Brouwers of the Dutch economics ministry), the Medium-term Economic Policy Committee. [...] 28 6 THE EUROPEAN COMMUNITY IN THE 1980s: FROM EUROSCLEROSIS TO A NEW DYNAMISM The early 1980s was a time of morosity in the European Union: the economy was in the doldrums and the integration progress was stalling.