The Core Argument of Ivo’s Paper Ivo’s paper compares the Werner Report (1970) and the Delors Report (1989) which presented two different visions of the Economic and Monetary Union (EMU) and of how to get there.
The Werner Report envisioned an EMU with a supranational monetary pillar (a European System of Central Banks, not neces- sarily a European Central Bank as such) and a supranational eco- nomic pillar (a center of decision-making for economic policy at EU level).