The Implementation of the Werner Report

  • Elena DanescuEmail author
Part of the Archival Insights into the Evolution of Economics book series (AIEE)


This chapter analyses the Werner Report from its adoption in 1971—which coincided with the collapse of the Bretton Woods system, the absence of a common exchange rate policy with regard to the dollar, the first oil shock and the subsequent global recession—until it was effectively shelved in 1974. The 1972 Basel Agreement sought to achieve monetary stability by introducing a degree of order to the concerted floating of currencies, leading to the ‘currency snake’ and the ‘snake in the tunnel’. Implementation of the first stage of the Werner Report resulted in the creation of the European Monetary Cooperation Fund (EMCF) (1973) for exchange rate stabilisation.

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© The Author(s) 2018

Authors and Affiliations

  1. 1.Luxembourg Centre for Contemporary and Digital History (C2DH)University of LuxembourgEsch-sur-AlzetteLuxembourg

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