30.12.93 OfficialJournaloftheEuropeanCommunities NoC352/9
OpinionontheproposalforaCouncilDecisionempoweringtheCommissiontocontract
borrowingsforthepurposeofextendingloanstoMemberStatesunderthebridgingfacility
(93/C352/04)
On5August1993,theCouncildecidedtoconsulttheEconomicandSocialCommittee,
underArticle198oftheTreatyestablishingtheEuropeanEconomicCommunity,onthe
abovementioned proposal.
TheSectionforRegionalDevelopmentandTownandCountryPlanning,whichwasrespon­
sibleforpreparingtheCommittee'sworkonthematter,adopteditsOpinionon12October
1993.TheRapporteurwasMrVascoCal.
Atits309thPlenarySession(meetingof20October1993)theEconomicandSocialCommittee
unanimouslyadoptedthefollowingOpinion.
1.Introduction amorefavourableclimatewhichencouragesarevival
inprivateinvestmentandacceleratetheplannedtrans­
Europeannetworkprojects.Inaddition,theOpinion
onthe1993economicsituation(2)approvedinFebruary
consideredthatthespeeding-upofpublicinvestment
wasvitalforthesuccessofthegrowthandemployment
strategyapprovedattheEdinburghSummitandthat
'anearlierstartontheworkwoulddemonstrate the
commitmentto,andconfidencein,economicrecovery'
(point3.9.3).Thisisevenmoreimportantinthepresent
economicclimate.1.1.ItwasagreedattheCopenhagenEuropean
Councilthat'theCouncil(ECO/FIN)willexamine
aproposalfromtheCommissionthatwouldenable
MemberStatestodrawonaCommunity 'bridging
facility'atmarketinterestratesuptoamaximumof
ECU5billionavailableuntiltheendof1995'.The
EuropeanCouncilfurtherspecifiedthat'repaymentof
thisCommunityloanwouldbedrawnfromstructural
fundappropriations insubsequentyears'andthat'simi­
lararrangements couldbeappliedtotheCohesion
Fund'.
2.2.MemberStatesareundernoobligationtouse
theproposedfacilitybuttheymayuseitiftheyconsider
itusefulandiftheyconsiderthattheirnationaldebt
situationleavesthemwithsufficientroomfor
manoeuvre,bearinginmindthedeadlinesfixedfor
EconomicandMonetaryUnion.1.2.On9JulytheCommissionpresentedaproposal
tothiseffectwhichauthorizestheCommission tocon­
tractborrowingsforuptoECU5billionsoasto
providetheMemberStateswithfundsforpre-financing
andthusexpeditingtheimplementation ofinvestment
projectsscheduledforthecomingyears.
2.2.1.Thefacilitywillinfactleadtoaninitial
increaseinnationaldebt,eventhoughitisnotlikely
toaffectnationaldebteitherwayoncetheloanhas
beenrepaid. 2.GeneralComments
2.3.Thefacilitywillfirstandforemostresultina
shiftinthepatternofpaymentflowsinthecourseof
thecomingyears.Accordingtothefinancialperspec­
tivesfortheperiodupto1999,theflowswillincrease
yearbyyear.However,useofthefacilitybyMember
Stateswillmeanthattheirspendingoninvestment
projectswillincreaseinthefirsthalfoftheperiod
beforedecreasinginthesecondhalf.Thiswillhelpto
concentratespendingmoreonthefirsthalfoftheperiod
andbalanceoutthepaymentflowsbetterthroughout
theperiodasawhole.2.1.TheCommitteewelcomestheCommissionpro­
posalimplementing oneoftheHeadsofStateand
Government'sdecisionsinconnectionwiththepro­
motionofeconomicgrowthandthefightagainstunem­
ployment .
VariousESCOpinionshavesupportedmeasuresfor
speedingupinvestmentintheECasoneoftheways
ofrestoringgrowthandemployment .InaCommittee
Resolution(^approvedinMayandaddressedtothe
CopenhagenSummit,immediatemeasureswerecalled
fortoreduceinterestrates,increasemonetarycooper­
ationsoastomakeexchangeratesmorestable,create
(')CES522/93fin. (2)OJNoC108,19.4.1993.

NoC352/10 OfficialJournaloftheEuropeanCommunities 30.12.93
3.SpecificComments
3.1.Theproposedfacilitywillapplytoinvestment
spendingundertheCommunitySupportFrameworks
(CSF)whichareintheprocessofbeingapprovedin
accordancewiththenewStructuralFundRegulations
adoptedlastJuly.
TheECOFINCouncilmustthereforelosenotimein
approvingthefacilityifitistobeusedintheplanned
periodandespeciallynextyear.
3.2.TheCommunityistoraisethemoneyonthe
internationalmoneymarkets,asitalreadyhasdone
whenraisingmoneyforthenewCommunityInstru­
ment(NCI).Insodoing,itwillbeabletoobtainmore
favourabletermsthantheMemberStatesactingbythemselves,therebyreducingthecostsfortheCom­
munityasawhole.
3.3.Therepaymentoftheloanandtheinterestby
theMemberStateswillmakeitnecessarytoamend
theestimatesinitiallyagreedonfortheCSFs,whose
disbursements willhavetobereducedbytheamount
ofinteresttoberepaid.SinceitisinboththeCom­
munity'sandtheMemberStates'interestforthefacility
tospeedupworkontheplannedprojects,theinterest
repaymentsshouldalsobesplitfairlybetweentheStruc­
turalFundallocationsandtherecipientMemberStates'
budgets.
3.4.Thebridgingfacilityshouldalsomakeitposs­
ibletoovercomethebudgetarydifficultiesresulting
fromdelaysintransferringFundpaymentstoMember
Statesashaveoccurredrecently.
DoneatBrussels,20October1993.
TheChairman
oftheEconomicandSocialCommittee
SusanneTIEMANN