Law of the EMU and euro

Commission adopts report on the United Kingdom’s budgetary situation

Press release by the Commission on 21 September

 

The European Commission today adopted a report on the budgetary situation of the United Kingdom following notification by the UK authorities last month that the general government deficit reached 3.2% of GDP in the 2004/05 financial year. Under European Union rules, the Commission must draft a report when the 3% deficit limit is exceeded. As required by the Treaty, the Commission will wait for the opinion of the Economic and Financial Committee before making its opinion on whether the UK deficit is excessive and whether recommendations ought to be issued.

Council: “Portugal should put an end to the present excessive deficit situation”

The Council has decided that an excessive deficit within in the meaning of 104 EC Treaty exists in Portugal. The Council decision followed upon the Commission’s report and opinion on the budgetary situation of Portugal.

 

According to the June 2005 update of the Portuguese stability programme, the planned general government deficit is 6.2% of GDP for 2005. The deficit is in excess of the 3% of GDP reference value and not close to it.

Historical political documentation

The following links refer to overviews of historical documentation.

1929 – 1967
The idea of a common currency in Europe

1968 – 1969
Run-up to the Barre Plan

1969 – 1970
Preparing the Den Haag summit

1970 – 1970
The Commission's mandate to draw up the first plan for EMU

1970 – 1970
Preparing the Werner Report

1971 – 1973
The need for a European Monetary System

1973 – 1975
The period of discussion about the European unit of account

1975 – 1977
Period of intensive studies

1977 – 1978
Revival of the idea of EMU

1978 – 1978
The need to coordinate economic policies

1978 – 1988
Discussions about the European Monetary System

1981 – 1988
The ECU at the centre of discussion

1989 – 1991
Run-up to the Maastricht Treaty

1991 – 2002
From the Maastricht Treaty to the introduction of Euro notes and coins (phase II)

Source: European Union

Towards EMU: chronology of decisions

This chronology shows relevant major events, decisions, recommendations or declarations which led to the creation of a single currency in Europe.

 

1960 – 1969

The run-up to the Barre Plan

1969 – 1971

The first plans by stages to create an economic and monetary union

 

1971 – 1975

From the floating US-Dollar to the European Monetary System

 

1975 – 1980

The need to coordinate economic policies

 

1980 – 1988

The ECU in the centre of discussion

 

1988 – 1991

The run-up to the Maastricht Treaty

 

1992 – 1993
Work within the first phase of EMU

 

1994 – 1998

Work within the second phase of EMU

 

1999 – 2000

The start of the euro area ("EUR11")

 

2001 – 2002

The realisation of the third phase and enlargement of the euro area ("EUR12")

 

Source: European Union