Preheat the oven to 350°F (175°C).

In a mixing bowl, cream together the butter and granulated sugar until smooth.

Add the egg white and vanilla extract, mixing until well combined.

Gradually add the flour and baking powder, mixing until the dough comes together.

Roll out the dough on a lightly floured surface to 1/4 to 1/2 inch thick. Use a round cookie cutter to cut out circles. Transfer the cookie rounds to an ungreased baking sheet.

Bake at 350°F (175°C) for 6-8 minutes or until the cookies are puffed up and no longer glossy. Remove from the oven and let cool completely on a wire rack.

While the cookies cool, melt the caramels with the milk in the microwave in 30-second intervals, stirring until smooth and creamy.

Once the cookies have cooled, spoon a few teaspoons of the caramel onto each cookie, spreading it almost to the edges.

Place the cookies with the caramel in the fridge for 10-15 minutes or until completely cold and set.

Melt the milk chocolate chips in the microwave in 30-second intervals, stirring until smooth.

Spread a small amount of melted chocolate on top of each cookie, covering the caramel layer.

Let the chocolate layer set before serving, either at room temperature or in the fridge for a quicker set.