The Convention on Mutual Administrative Assistance in Tax Matters, which sought to exchange information between tax authorities on suspected tax evasion, was opened for signature of the member states of the Council of Europe.
A 17-member committee under chairman Jacques Delors (president of the EC commission) approved a three-stage plan leading to the European Economic and Monetary Union(EMU). According to the plan, policies were to be managed jointly with a view to attaining common macroeconomic objectives. Stage one, which went into force July 1, 1990, involved the strengthening of monetary policies among member states through the existing exchange rate mechanism of the European Monetary System; stage two, which started Jan. 1, 1994, involved the creation of a European Monetary Institute; and stage three, beginning Jan. 1, 1999, involved the introduction of one single currency and the complete liberalization of banking transactions.
Spain and Portugal signed an accession protocol to join the Western European Union. Formal accession occurred in April 1989, when the document was ratified by the Parliament.
