Summary of Werner Report
A report on the subject of European integration, prepared by a committee under the leadership of Pierre Werner, prime minister of Luxembourg. The report, published in October 1970, urged full economic and monetary union within the European Economic Community as “a catalyst for the development of the political union which it [the European Economic Community] cannot do without in the long term.”The report suggests adoption of a common European currency as a vehicle to accelerate economic integration. This proposal has been largely implemented through the European Monetary System (read this and related legal terms for further details).
(Main Author: William J. Miller)