In the process towards European economic and monetary union, two reports played crucial roles. The 1970 Werner Report argued for both a supranational monetary pillar and a supranational economic pillar, while the 1989 Delors Report focused on the monetary pillar, and there was scepticism about discretionary fiscal policy. A background paper to the Delors Report, ‘The Werner Report Revisited’, identified four weaknesses of the Werner Report: absence of internal momentum, institutional ambiguities, insufficient constraints on national policies and an inappropriate policy conception – issues that remain very much on the European Union agenda today.
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