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

The launching of the monetary union project at the 1969 pean Union in the second half of the 1980s and the Delors Hague Summit – on the basis of which the Werner Report was Report. [...] 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. [...] The title of the report, Efficiency, Stability, Equity, referred Delors convinced the heads of state and government not only to the classic work of Richard and Peggy Musgrave (1973) to establish the committee with the central bankers on it, on public finance, which distinguished between the three but also to limit the mandate of the committee to the means main tasks of fiscal policy: improving the. [...] For the President of the Dutch central bank) also argued in favour him the main novelty was the unanimity with which the of giving the European Central Bank a role in the area of central-bank governors had accepted the report (Verslag banking supervision (Minutes of the fourth meeting of the over de economische en monetaire eenheid in de Europese Delors Committee on 13 December 1988, DCA). [...] Meanwhile, the broader European the preparation of a new Treaty (first stage), the creation of a scene was changing dramatically with the breakdown of the new monetary institution (European System of Central Banks, iron curtain and German unification, contributing to the second stage), and the transfer of responsibilities to this new speeding up of the process of European monetary integra- institu.