Relaunch History of the euro

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president delors three-point plan laid out path emu


the hannover european council asked commission president jacques delors chair ad hoc committee of central bank governors propose new timetable clear, practical , realistic steps creating economic , monetary union. way of working derived spaak method.


france , uk opposed german reunification, , attempted influence soviet union stop it. however, in late 1989 france extracted german commitment monetary union in return support german reunification.


the delors report of 1989 set out plan introduce emu in 3 stages , included creation of institutions such european system of central banks (escb), become responsible formulating , implementing monetary policy. laid out monetary union being accomplished in 3 steps. beginning first of these steps, on 1 july 1990, exchange controls abolished, capital movements liberalised in european economic community. leaders reached agreement on currency union maastricht treaty, signed on 7 february 1992. agreed create single currency, although without participation of united kingdom, january 1999.


gaining approval treaty challenge. germany cautious giving stable currency, i.e., german mark, france approved treaty narrow margin , denmark refused ratify until got opt out monetary union united kingdom, opt-out maintain of 2011. on 16 september 1992, known in uk black wednesday, british pound sterling forced withdraw fixed exchange rate system due rapid fall in value of pound.








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