The whole plan, laid down in the Werner Report, was put aside amid the global currency turmoil in the early 1970s and the subsequent economic recession. But the vision of establishing a single currency in Europe gained new momentum after the ratification of the Single European Act in 1987, which laid the foundations for the European Single Market.
Let me give you the essence of the key measures.   In terms of monetary policy, the upper bound of the policy rate corridor (i.e., MSF rate) was raised by 200 basis points and the quantity of central bank liquidity available through the LAF window was restrained.