Abstract
The Euro is the accomplishment of the Economic and Monetary Union in Europe (EMU). In 1989, Jacques DELORS was the president of the European Commission. With the help of his vice-president, Frans ANDRIESSEN and of the European Economic Community central banks governors, he came out with a report (the DELORS Report) which aimed to actualize the EMU. There were 3 phases with the following objectives: Reinforcing the central banks cooperation, creating a European central banks system, operating a progressive transfer of decision power relative to monetary policy to supranational institutions and finally to fix the parities between national currencies which were going to be substituted at the end by the Euro. In 1992 the Maastricht treaty transformed the EEC into a complete Economic and Monetary Union, and the 15 member states in favor of a unique currency signed their adherence at the Madrid Treaty in 1995.
