The Madrid Summit (June 1989) and its Follow-up

André Szász
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André Szász: Dutch Central Bank

Chapter 14 in The Road to European Monetary Union, 1999, pp 130-136 from Palgrave Macmillan

Abstract: Abstract At the European Council meeting in Madrid in June 1989 two decisions had to be taken. One was to adopt the Delors Report as a basis for further negotiations. In view of its unanimity, this was largely a foregone conclusion, but British opposition caused some difficulty with the wording. It had to be a compromise, stating that ‘(t)he European Council considered that the report … fulfilled the mandate given in Hanover.’ The other decision concerned the procedure to be followed and the timing of the negotiations. France, supported by the Commission and by the Mediterranean countries, wished to put the procedure under time pressure: the Intergovernmental Conference, prescribed for Treaty amendments, should start as soon as possible. The German Government, though favourable to Economic and Monetary Union, dragged its feet. The ruling coalition was facing adverse opinion polls and Chancellor Kohl did not wish to thwart his prospects by provoking a public controversy on EMU during the election campaign. He therefore preferred to delay the start of the Intergovernmental Conference. In working for delay, he was supported by the Bundesbank, who did not want the negotiations to take place under time pressure, and by the British, who welcomed any delay. The disagreement was papered over by the formula that the ‘conference would meet once the first stage had begun (on 1st July 1990) and would be preceded by full and adequate preparation’.

Keywords: Monetary Policy; Central Bank; European Central; European Council; European Monetary Union (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1057/9780230599475_14

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