Delors Plan

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Delors Plan in Europe

The Delors timetable for Economic and Monetary Union

  1. Stage 1. Closer co-operation on macro-economic policy across all member states.
  2. Stage 2. Launch of the European System of Central Banks (ESCB), co-ordinating monetary policy across all member states. Community institutions to be given greater supervisory powers. A narrowing of margins of fluctuation between currencies.
  3. Stage 3. Establishment of fixed exchange rates and introduction of a single currency. All monetary policy to be decided at the European level by the European Central Bank.

The basic elements of economic union (Delors Report)

  1. A single market. Within this, people, goods and services should be able to move around freely.
  2. Competition Policy. This should ensure that markets operate effectively and efficiently.
  3. Structural change and regional development. The less well-off regions within the EU needed a boost to catch up with the better-off regions.
  4. Co-ordination of macro-economic policy across all member states

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