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Vol.1982/9008

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(82)289final
Brussels,15May1982
COMMISSION COMMUNICATION TOTHECOUNCIL x
ONTHEVERSAILLES SUMMIT(4-6JUNE1982)
1.TheVersailles Summitwill"betakingplaceinacontextofeconomic
difficulties unprecedented sincethepost-warperiod.
Unlesspresenttrendsarereversedgravedangersawa£^us:notonly
issocialequilibriumlikelyto"bedisturbedinQSttaincountries,the
wholeinternational systemwhichprovidedthel£feisforvigorous
economiogrowthmay"beshaken.
ThismeansthattheEconomicSummitwill"beofexceptional importance
andwillhaveexceptionalresponsibilitytobear,asthosetakingpart
inithaveapredominantinfluencingointlyontheinternational
economicsystemandtogether possessthemeanstoovercomethecrisis.
TheVersailles Summitmustexerciseitsinternational leadershipeffectivel ;
andfindcommonandconsistentanswerstotheproblemsthecrisishas
created.
Ifitistobeeffectiveandcredible,theSummitmustbedevotedtotheessentialqued^onsandarriveatconcretedecisions.
2.FortheCommunity,astheEuropeanCouncil'sdiscussionsinMarch1982
shoW§P,thekeyquestionisthefollowing:howcanmoresustained
^wiomicgrowthberestoredandunemploymentreducedbeforetherecession
becomesadepressionandbeforethedestabilization takingplacein
theNorthasintheSouthgetsoutofcontrol?
Theprimaryobjective&rthefreeworldmustthereforebetorevitalize
theworldeconomyandinternational tradeasrapidlyaspossibleby
boostingproductiveinvestmentwithoutboostinginflation.

2
3.Ifthereisto"beanyhopeofattainingthiBprimaryobjective,those
takingpartintheSummitmustapplymacro-economic policieswhichare
moremutuallycompatibleandmoreinlinewiththeobjectiveinquestion.
Theimpetusforeconomicgrowthcouldbeprovidedbygreatercohesion
betweentheeconomicpoliciesofthemainpartnersinvolved.
A
TheEuropeanCommunity,foritspart,hasundertakentoestablish
coordinatedpolicyforcombatingunemployment(notablybydevel^Srig
vocationaltrainingforyoungpeople)andencouragingprivatearid
publicinvestment(particularlyinthefieldsofindustryandenergy).
ItwouldbeintheinterestofalltheSummitpartne^^oundertake
resoluteandharmonizedprogressive mutualadjustiM&ftoftheirmacro­
economicpoliciesinordertobringdownreali^Sjfirestrates,to
strengthenmonetarystabilityandachievebetterbalancedtradeflows.
Thisinturnmeansthatthemechanismsforeconomicconcertation and
monetarycooperationbetweenSummitj$3^tnerswillneedtobeimproved.
Buttheeffortinvolvedhereca^moxbesustainedwithoutastabilized
internationaleconomicandmof^aryenvironmentinwhichinflationhas
beencurbed.InthisconnectiontheCommissionhasmadeproposals
totheCouncil,notablyinitsdraftResolutionontheDevelopment
oftheEuropeanMon^&ftfrySystem^,whichformthebasisforwhatthe
Communitywillh^y'to«ayatVersailles.
TheCommissionhaspresentedaseriesofpracticalproposalswitha
viewtobetterinternational monetarycooperation .Itregardsitas
essentialforamorestructureddialoguetobeestablishedbetween
thq^iainpartnerssoastopreventexcessiveorerraticfluctuations
exchangerates,thepossibilitybeingconsideredoflimitedbut
coordinatedintervention bythemonetaryauthorities ontheforeign
exchangemarkets.
cSCOM(82)133,18March1982

4.Thereisnochanceofanystrategyforworld,economicrecovery
succeedingunlessanopensystemofinternational tradeis
maintained.Suchasystemfacilitatesthenecessarystructural
adjustments andgiveshigherrealincomes,"bothinindustrialized
anddevelopingcountries.ThisjustifiestheCommunitypositioi^
ofresistancetotheprotectionist tendenciestherecession
keepsalive.
Inconnectionwiththis,theGATTMinisterial conferencetobe
heldinNovemberofthisyearwillbeofgreatimportancein
viewoftheneedtomaintainthecredibilityo^jijleinternational
tradesystemintheunfavourablepresentco^j^ctandofthe
graveconsequencesthatwouldinevitably^fcsuewereittobreak
down.
ItwillbetheVersailles Summit'sdutytoexpressstronglyits
determinationtodefendtheGAJ^rulesandtosupportthe
searchforsolutionstotheW^esenttradeproblems.
5.Theenergyconstraintstillremainsoneofthefactorsthatlimit
thepossibilities forgrowth,tovaryingdegrees,inmostcountries
Admittedly,th^^roblemissomewhatlessacuteforthemoment,as
therecentinoilpricessuggests.Butitisstillwithus:
ithasmjqs'lyassumedadifferentform.
Whilethedownwardmovementinpricesispropitiousforrestoring
economicequilibrium ,italsoputsacheckonlong-termpolicy
^^orthereductionofdependencyonexternalsupplies.Itcreates

uncertainty and.hesitationsinthemindsoftradersandlessens
theincentivetoinvest,whethertocurbenergyconsumptionor
todiversifysourcesofenergy.
Thisphenomenonisofcrucialimportancefortheindustrialized^*
countries,fortworeasons.Firstly,inspiteoftheprogre^^thathasbeenachieved,wearelaggingbehindinrelation6^some
oftheenergyredeployment objectivessetinVenice.Secondly,
forthesuccessofthegeneraleconomicrecoverystrategy,the
energysectorisoneofthemostpromising,both^^S?stimulating
productiveinvestmentandwithrespecttostruiiyuraladjustments .
TheVersailles Summitmustthereforeexpressitsdetermination not
toacceptanyslackeningofenergyredeployment effortsandto
seekinapracticalmannerforpracticalmeasures(pricepolicy,
accompanyingarrangements,etc.^^ichwilleffectivelyprevent
anysuchslackeningandestaT^^Shasecurebasisforenergysupplies.
Inmattersofsolidarity^^industrializedcountriesmustgo
beyondtheprotectivemeasuresprovidedforintheeventofsupply
difficulties .Energycooperationcallsforthedefinitionof
new,practicalfieldsofapplication ,withoutwhichinterdependence
isjustanemp^^word.
6.Lastly,w^S^economicandtraderecoveryentailsdueaccountbeing
takeninthepoliciesadoptedbytheindustrialized countriesof
economiccooperation withthedevelopingcountries.
particular ,itisunlikelythatastrategyformoresustained
economicgrowthwillbeabletobearfruitifat.thesametime
>5^nothingisdonetocheckthedeteriorationofthedeveloping
countries'importingcapacity,particularly inthecaseofthose
whicharenotoilexporters.
Whereasthedevelopingcountries-whichrepresentaquarterof
worldimports-haveplayedaveryusefulroleinkeepingworld
activitygoingafterthefirstwaveofoil-priceincreases,their
importingoapacityhasfallentheselastfewyearsandfuture
developments maywellincludefurtherdeterioration duetothe
combinationofanumberofnegativefactors,particularly the
increasingcostofdebtrefinancing andtheirreducedcapacityto
beardebt,areductioninrealtermsoftheflowofpublicaid(IDAand

regional "banks),rejectionofanEnergyAffiliate,reducedexport
earningsforthedevelopingcountries,etc.Fortherecovery -
strategytobenefitforthwithfromtheenormouspotentialexpansion
inworldtradewhichmoresustainedgrowthinthedeveloping
countriescouldgive,achangeindirectionisneeded.
The-morethepoliciesadoptedbytheindustrializedcountrie^S
areinformedwithaspiritofinternational cooperation ,the
morechancetheireconomicrecoveryobjectivesstandofbeing
attained.Inconnectionwiththis,theVersaillesJjjummitcannot
ignorethenewproposalfromthe77concerningg^ta.1negotiations
inviewofthemoderateandconstructivenatu^s^>fthisinitiative.
Theproposalshouldbeacceptableasitsta^stotheCommunity,
whichgaveclearundertakings concerningtheprincipleofthese
negotiations ,notablyatthemeetingoftheEuropeanCouncilin
June1981inLuxembourg.
*
Theseareth^p&inlinesthatcouldguidetheEuropeanCommunity 1srepresentativesinwhattheyhavetosayattheVersaillesEconomic
Summit.