TheWerner Plan (or Werner Report) was drawn up by a working group chaired byPierre Werner,Luxembourg'sPrime Minister andMinister for Finances, and presented in October 1970. It was conducted after the European Summit inThe Hague in 1969, where the Heads of State and Government of theEuropean Community agreed to prepare a plan foreconomic and monetary union.
The three stage plan proposed gradual, institutional reform leading to the irrevocable fixing of exchange rates and the adoption of asingle currency within a decade, but it did not recommend the establishment of acentral bank. The plan was never implemented because of pressure of theUnited States (France retired its support after a France-US meeting in theAzores at the end of 1971).
There are several references to "the transfer of responsibility from the national authorities to Community authorities".[1]