Financial Wealth Ideas

Phase 4 - 1985-1992 - development and approval of the memorandum "On establishment of the European Monetary Area and the European Central Bank". Stage 5 - 1992-1999 - The signing of the Maastricht Treaty, the definition of goals and means of establishing the Economic and Monetary Union in Western Europe, the creation of the European Monetary Institute, the development and implementation of the euro. Stage 6 - 1999-2001 - the introduction of euro cash in circulation. 7 stage - from 2002 to present - the introduction of euro cash in circulation, develop and implement a plan of accession to the Monetary Union of new countries. The idea of creating a single currency on the European continent a long time. However, with a special urgency this issue arose after the Second World War, which caused a severe blow to the international monetary system. In the mid-twentieth century, the first time in modern history, Europe has been without a world currency: the post-war Bretton Woods international monetary system model based on the dollar, which is still in the 30's. ousted from the leading British pound sterling. Therefore, in 1950 was created the European Payments Union, which includes Germany, France, United Kingdom, Belgium, Netherlands, Luxembourg, Denmark, Sweden, Norway, Iceland, Switzerland, Austria, Italy, Greece, Portugal and Turkey (later it was transformed the European Monetary Agreement). In April 1951, signed the Paris Treaty establishing the European Coal and Steel Community, which started the European economic integration. At the same time, the first real full-fledged monetary cooperation emerged with the signing of 25 March, 1957 Rome Treaty establishing the European Economic Community (EEC). The European Community has appeared on 1 January 1958 and included the first six countries - Germany, France, Italy, Belgium, Netherlands, Luxembourg. Since 1973 in the EEC entered the United Kingdom, Ireland, Denmark, in 1981 - Greece, from 1986 - Portugal and Spain, and Austria, Sweden, Finland. The economic unification of Europe throughout the logic of its development led to the need for a unified currency, and in 1962 the EEC Commission has put forward for these countries, the idea of a single currency. In December 1969, at the European Council in The Hague, the first goal of the European Monetary Union has been translated into practice. In October 1970, came the so-called "Werner Plan", which was formulated in the concept of the transition to monetary union after irreversible mutual convertibility of national currencies, full liberalization of capital movements, a constant exchange rate and the replacement of national currencies to the single European currency in 1980, however, "Werner Plan" did not come true. In April 1975, has been a European unit of account - ESU (European unit of account - EUA), a course which is not dependent on the dollar, as the market value of its European currencies. This unit was used in the calculation of inter-state and EU budget, the operations of the European Investment Bank. In 1977 the idea of monetary union was once again revive the Chancellor of Germany G. Schmidt and French President V. Zhiskar d'Estenom and supported by the then chairman of the EU Commission R. Jenkins. At the European Council on 5-6 December 1978 in Brussels it was decided to establish the European Monetary System. As a result, on March 13, 1979. a European Currency Unit - "ECUs" (European currency unit - ECU) and it is based on the European Monetary System (EMS). An important feature of EMU is that it comprises all the countries of the EEC. In February 1988, the Foreign Minister of Germany G.-D. Genscher presented the memorandum "On establishment of the European Monetary Area and the European Central Bank", which was supported by the then chairman of the EU Commission J. Delors, and subsequently evolved into the so-called "Delors Plan". It provides for a coordinated economic and monetary policies of the EU, the establishment of the European Central Bank and the transition to the single European currency. The plan, as the intellectual framework of EMU has been approved by the European Council of June 26, 1989 in Madrid, and its basic ideas were later enshrined in the Maastricht Treaty.