10. Conclusion

As Prime Minister and Finance Minister of Luxembourg over several decades, Pierre Werner emerged to play a rare statesman-like role in the process of European unification in the second half of the twentieth century. He was convinced of the need to preserve national sovereignty and vital interests by maintaining an international outlook. Accordingly, he placed the process of European integration at the centre of Luxembourg policy. Werner’s name is closely linked with two key milestones in European integration: the 1966 ‘Luxembourg Compromise’ which put an end to the ‘empty chair’ crisis and reconciled France with Europe; and the 1970 Werner Report which laid the foundations of EMU. Werner is rightly considered to be an architect of the euro. Alongside his key role as consensus builder, he provided a vital contribution to the substance of EMU in relation to both the parallelism principle and the concept of stages. In his view, social Europe and the coordination of budgetary and monetary policies were intrinsic characteristics of EMU. Werner developed a tradition of Luxembourg ‘network diplomacy’ and European integration leadership, and served as mentor for other eminent political figures in Luxembourg who later became active on EMU matters.