We formulate a local dynamical model of an eccentric disc in which the dominant motion consists of elliptical Keplerian orbits. The model is a generalization of the well known shearing sheet, and is suitable for both analytical and computational studies of the local dynamics of eccentric discs. It is spatially homogeneous in the horizontal dimensions but has a time-dependent geometry that oscillates at the orbital frequency. We show how certain averages of the stress tensor in the local model determine the large-scale evolution of the shape and mass distribution of the disc. The simplest solutions of the local model are laminar flows consisting of a (generally nonlinear) vertical oscillation of the disc. Eccentric discs lack vertical hydrostatic equilibrium because of the variation of the vertical gravitational acceleration around the eccentric orbit, and in some cases because of the divergence of the orbital velocity field associated with an eccentricity gradient. We discuss the properties of the laminar solutions, showing that they can exhibit extreme compressional behaviour for eccentricities greater than about $0.5$, especially in discs that behave isothermally. We also derive the linear evolutionary equations for an eccentric disc that follow from the laminar flows in the absence of a shear viscosity. In a companion paper we show that these solutions are linearly unstable and we determine the associated growth rates and unstable modes.