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We can actually say: three times a charm…
The first try to achieve full economic and monetary union by 1980 was the Werner plan but it failed. The second attempt to reach it was the launching of the European Monetary System in 1979. Finally, in December 1991 the European Council approved the Maastricht Treaty that established a three stage timetable to achieve EMU. The first stage began in July 1990. It required the removal of all remaining barrier to capital flows, the partaking of all member states currencies in the Exchange Rate Mechanism (ERM), synchronization of the policy and convergence of economic performance...
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