 The three stage plan proposed gradual, institutional reform leading to the irrevocable fixing of exchange rates and the adoption of a single currency within a decade, but it did not recommend the establishment of a central bank.The plan was never implemented because of pressure of the United States (France retired its support after a France-US meeting in the Azores at the end of 1971).There are several references to "the transfer of responsibility from the national authorities
to Community authorities".