European Monetary Union and the Euro
From the paper:
? In 1969, the European summit at The Hague made EMU an official objective. In 1970, the Werner report proposed a plan that would unite the economies and monies of Europe over a ten-year period. However, the plan was tabled because of several economic factors, including the oil shortage, weakness of the U.S. dollar, and divergent economic policies around the world. The plan resurfaced in 1979 when the European Monetary System (EMS) was created.?