at monetary union is the true key to becoming a powerful, strong, economic union. Europeans long for an environment similar to the United States where there are little or no barriers to trade or movement of labor. Many people feel that monetary union is the only way to achieve this.
             Many government officials and academics have attempted proposals to move beyond monetary cooperation to monetary unification. The countries of Europe had started monetary cooperation in 1950 when the European payments union was established. It was designed to multilateralize trade and payments within Western Europe and provide a framework for achieving currency convertibility. (Kenen, pg.3).
             Pierce Werner was appointed in 1969 to draw up a plan to make the monetary union possible. Werner was the Prime Minister and finance minister of Luxembourg. The Werner Report scheduled monetary union to be completed by 1980. Economic crisis, rising inflation rates, and rising unemployment rates caused monetary union to be thrown off this schedule. Government officials
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