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   17 February 1986  in Luxembourg and 28 February 1986 in The Hague  -  The
   Single  European  Act,  the  first revision of the  Treaty  of  Rome,  is
   adopted.  The  preamble  recalls  the will of the  Twelve  "to  transform
   relations  as  a  whole  among their States into a  European  Union"  and
   reaffirms  "the objective of the progressive realization of economic  and
   monetary union".
   28 June 1988 - In the conclusions reached at its Hanover meeting:
        "The European Council recalls that, in adopting the Single Act,  the
   Member States  confirmed  the  objective of  progressive  realization  of
   economic and monetary union.
        They therefore decided to examine at the European Council meeting in
   Madrid in June 1989 the means of achieving this union.
        To  that  end  they decided to entrust to a Committee  the  task  of
   studying and proposing concrete stages leading towards this union.
        The Committee will be chaired by Mr Jacques Delors, President of the
   European Commission.
        The Heads of State or Government agreed to invite the Presidents  or
   Governors  of their Central Banks to take part in a personal capacity  in
   the  proceedings  of  the Committee, which will also  include  one  other
   Member  of  the Commission and three personalities designated  by  common
   agreement  by  the  Heads of State or Government.  They  have  agreed  to
   invite:
        Mr Niels Thygesen, Professor of Economics, Copenhagen.
        Mr Lamfalussy,  General  Manager  of  the  Bank  for   International
        Settlements  in  Basle,  Professor  of  Monetary  Economics  at  the
        Catholic University of LouvainrlacNeuve.
        Mr Miguel Boyer, President of Banco Exterior de España.
        The Committee should have completed its proceedings in good time  to
   enable the Ministers for Economic Affairs and for Finance to examine  its
   results before the European Council meeting in Madrid".
   12 April 1989  -  The  Report  on economic  and  monetary  union  in  the
   Community  (the  'Delors report')  is  published,  approved  by  all   17
   Committee   members,  including  Mr Karl Otto Poehl,  President   of   the
   Bundesbank,  and  Mr Robin LeighhPemberton,  Governor  of  the  Bank   of
   England.  The  report is first discussed at the informal Council  meeting
   on economic and financial affairs in S'Agaró on 20 May 1989.
   27 June 1989 - In its conclusions the Madrid European Council:
   -    restates  "its determination progressively to achieve  economic  and
        monetary union";
   -    considers  that  the Delors report "fulfilled the mandate  given  in
        Hanover" and feels that "its realization would have to take  account
        of  the parallelism between economic and monetary  aspects,  respect
        the  principle  of  subsidiarity  and allow  for  the  diversity  of
        specific situations";
   -    decides  that  the  first  stage  of  EMU  should  be  launched   on
        1 July 1990;  and
   -    asks  the competent bodies (including the Commission) "to adopt  the
        provisions  necessary  for the launch of the first  stage"  and  "to
        carry   out  the  preparatory  work  for  the  organization  of   an
        intergovernmental conference to lay down the subsequent stages."
   16 July 1989 - The peseta joins the exchange
rate mechanism of the EMS.
   9 10 September 1989  -  The  informal Council meeeting  on  economic  and
   financial  affairs in Antibes discusses EMU and clarifies  the  agreement
   reached  in Madrid on the first stage.  At the closing press  conference,
   Mr Delors  observes that with EMU they were laying the foundation  of  an
   embryonic European political system.
   17 October 1989  -  In  an address to the College of  Europe  in  Bruges,
   Mr Delors   asks:   "How   are   we   to   shoulder   our   international
   responsibilities and at the same time pave the way for the emergence of a
   greater Europe, except by pressing ahead with European integration?  Only
   a  strong,  self confident  Community, a Community which  is  united  and
   determined,  can truly hope to control that process.  The pace of  change
   is  gathering  momentum and we must try to keep up... We need  a  radical
   change in the way we think of the Community and in the way we act on  the
   world stage".
   30 October 1989  -  The highflevel working party of  Ministers'  personal
   representatives (chaired by Mrs Guigou), appointed to establish the basic
   issues involved in a Treaty on EMU, reports.
   9 November 1989  -  The Berlin Wall comes down; the Brandenburg  Gate  is
   opened.
   8f9 December 1989 - The Strasbourg European Council notes the initiatives
   of  the  Council and the Governors of the Central Banks "with a  view  to
   strengthening  the  coordination  of  economic  policies  and   improving
   collaboration between Central Banks.  It notes that these decisions  will
   enable  the  first  stage  of  EMU as defined  in  the  report  from  the
   Delors Committee to begin on 1 July 1990".
   It  observes  that  the  necessary  majority  exists  for  convening   an
   intergovernmental  conference to amend the Treaty, under the auspices  of
   the Italian authorities, before the end of 1990.  It emphasizes the  need
   for EMU to conform to the requirement of democratic control.
   17 January 1990  -  After  referring to the  upheavals  taking  place  in
   Europe,  in  his  address  to  Parliament  setting  out  the   Commission
   programme,  Mr Delors  says:  "I now feel that the  Conference,  under  a
   single chairman, should conduct two parallel sets of discussions, one  on
   economic  and monetary union and its specific institutional aspects,  the
   other  on  the remaining questions, including political  cooperation,  to
   draw up a full blueprint for the Community of the future".
   Mid March 1990  -  In  a memorandum  from  Mr Mark Eyskens,  the  Belgian
   Government  advocates political union to strengthen the institutions  and
   bolster democracy in the Community.
   20 March 1990  -  The  Commission publishes a  paper,  requested  by  the
   European Council, on economic and monetary union:  economic rationale and
   design of the system.
   19 April 1990  -  In  a  message to  Mr Haughey,  the  Prime Minister  of
   Ireland,  Mr Kohl  and Mr Mitterrand state that in view  of  the  radical
   changes  affecting  Europe, it is necessary to accelerate  the  political
   construction  of  Europe  of the Twelve.  They  hope  that  the  European
   Council   of  28 April  will  initiate  the  preparatory  work   for   an
   intergovernmental  conference on political union.  It would focus on  the
   need to:
   -    strengthen the democratic legitimacy of the Union;
   -    make the institutions more effective;
   -    ensure unity and coherent action;
   -    define and implement a common foreign and security policy.
   The  goal  should be to bring these radical reforms - EMU  and  political
   union - into effect on 1 January 1993 after ratification by the  national
   parliaments.
   28 April 1990  - At the Dublin meeting dealing with  German  unification,
   the  European  Council  confirms its commitment to  political  union  and
   decides on the following steps:
   -    "a  detailed examination will be put in hand forthwith on  the  need
        for  possible  Treaty  changes with the  aim  of  strengthening  the
        democratic  legitimacy of the union, enabling the Community and  its
        institutions  to respond efficiently and effectively to the  demands
        of  the  new  situation, and assuring unity  and  coherence  in  the
        Community's international action";
   -    "the European Council in June  the holding of a second
        intergovernmental conference to work in parallel with the conference
        on economic and monetary union."
   25
26 June 1990   -   The   European  Council  decides   that   the   two
   intergovernmental  conferences to negotiate the new Treaties should  open
   in  Rome in December.  With respect to EMU, it considers that  the  first
   stage  will  come  into effect on 1 July and should be  used  "to  ensure
   convergence  in  the economic performance of  Member States,  to  advance
   cohesion  and  promote the use of the ecu".  With  respect  to  political
   union,  the Council refers to the preparatory work by  Foreign  Ministers
   annexed to the conclusions, covering the overall objective of the  union,
   its scope, institutional aspects and democratic legitimacy.
   21 August 1990  -  The  Commission adopts and publishes  its  opinion  on
   economic and monetary union.
   3 October 1990 - German unification.
   4 October 1990 - Danish memorandum on political union.
   6t7 October 1990  -  At  an  informal  meeting  in  Asolo,  the   Foreign
   Ministers, Mr Delors and Mr Andriessen discuss common foreign policy  and
   draw up a list of matters of common interest.
   8 October 1990 - The pound sterling enters the exchangenrate mechanism of
   the EMS.
   15 October 1990 - Second preparatory interinstitutional conference on the
   revision of the Treaties.  Parliament recalls its vision of the future of
   the  Community and its progress towards genuine European  Union.  Regular
   meetings  of  the  three  institutions will  take  place  throughout  the
   negotiation of the two Treaties.
   21 October 1990  - The Commission adopts its opinion on political  union:
   a  single  Community;  ensuring unity and coherence  in  the  Community's
   international  action;  strengthening  democratic  legitimacy  (relations
   between  the  institutions  and the  people  of  Europe);  improving  the
   effectiveness of the institutions.
   27n28 October 1990  - Mr Guido Carli, Italian Minister for the  Treasury,
   reports   to   the  European  Council  on  EMU  on  the  basis   of   the
   Finance Ministers'   deliberations  on  23 July   and   8 September.  The
   European   Council   takes   note  of  this  as   the   basis   for   the
   intergovernmental  conference,  defines  economic  and  monetary   union,
   affirms  that  the final objective is irrevocably fixed  exchange  rates,
   i.e.  a single currency - a strong and stable ecu.  The European  Council
   determines  that the second stage is to start on 1 January 1994,  when  a
   new institution will be set up to strengthen the coordination of monetary
   policies, develop the instruments needed for a single monetary policy and
   oversee the development of the ecu.  The move to this stage will  require
   progress in convergence of economies.
   The   United   Kingdom  is  unable  to  accept  this  approach   to   the
   intergovernmental  conference.  With  respect  to  political  union,  the
   European Council confirms its will to develop the political dimension  of
   the  Community by extending its powers, developing Parliament's  role  in
   the  legislative  sphere  and  defining  European  citizenship   (Spanish
   proposal  made in July).  The European Council records consensus  on  the
   objective of a common foreign and security policy.
   19u21 November 1990  -  The  CSCE meets in Paris  and  adopts  a  Charter
   setting  out  the  principles  on  which  future  relations  between  the
   countries of Europe are to be founded.
   27 November 1990   -  Conference   of   Parliaments   meets   in    Rome.
   213 national representatives and 113 MEPs discuss their respective  roles
   in the future Community.
   6 December 1990 - Mr Kohl and Mr Mitterrand outline their shared views on
   political union in a letter to Mr Andreotti.
   10 December 1990  - The Commission publishes a draft Treaty revising  the
   Treaty of Rome with a view to economic and monetary union.
   15 December 1990  -  The two intergovernmental  conferences  are  opened.
   Mr Delors, Mr Andriessen and Mr Christophersen represent the  Commission.
   Sessions  are  to  be held virtually every  month  at  ministerial  level
   (Foreign  Ministers  for  political  union,  Ministers  of  Economic  and
   Financial Affairs for EMU), preparatory work being done at more  frequent
   meetings of Ministers' personal representatives.
   20 March 1991  -  Foreign  Ministers  met  at  Mondorf lesoBains  for  an
   informal   discussion  of  foreign  and  security  policy,   particularly
   concerning links between WEU and political union.
   26 March 1991  - Ministers request Political Cooperation to  examine  the
   links between political union, WEU and NATO.
   8 9 April 1991  -  A special meeting of the European Council is  held  to
   discuss  the problems created by the Gulf War. At the same time,  Foreign
   Ministers hold an informal WEU meeting attended by Mr Andriessen.
   17 April 1991  -  Mr Baker gives the Twelve a  five point  memorandum  on
   European defence.
   21 May 1991 - Commission contribution on the common foreign and  security
   policy.
   18 June 1991  -  The  Luxembourg  Presidency  publishes  its  two   draft
   Treaties:  one on political union and one on economic and monetary union.
   23 June 1991  - At an informal meeting in Dresden the  Foreign  Ministers
   discuss  the structure and form of the Treaty on political union.  It  is
   agreed  that a reference to the final goal of political union  should  be
   included in the preamble.
   28d29 June 1991 - The Luxembourg European Council sets general guidelines
   for  the intergovernmental conference on political union (common  foreign
   and  security policy, democratic legitimacy, social policy, economic  and
   social  cohesion).  It also agrees on the objectives underlying a  German
   proposal on home affairs and judicial cooperation.
   The European Council confirms that there are "broad areas of agreement on
   the   basic  components  of  EMU"  and  emphasizes  "the  need  to   make
   satisfactory and lasting progress with economic and monetary convergence"
   20 September 1991 - After circulating a first draft, the Dutch Presidency
   presents to the intergovernmental conference on political union a revised
   draft of the Treaty, which in particular restores the unity and coherence
   of the draft.
   30 September 1991  - The intergovernmental conference examines the  Dutch
   draft.
   4 October 1991  - The United Kingdom and Italy publish a joint  statement
   on defence.
   11 October 1991  -  Chancellor Kohl and  President Mitterrand  present  a
   draft treaty on common foreign and security policy.
   28 October 1991 - Dutch Presidency draft treaty on economic and  monetary
   union.
   7 8 November 1991 - A new strategic concept for the Alliance is  approved
   by the Heads of State and Government at a North Atlantic Council  meeting
   in Rome.
   12E13 November 1991 - Conclave on political union.
   27 November 1991  -  Commission  statement  on  political  union  and  on
   economic and monetary union.
   1n3 December 1991 - Conclave on economic and monetary union.
   2 3 December 1991 - Intergovernmental conference on political union.
   9f10 December 1991 - Maastricht European Council.
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