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Vol.1980/0053

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COMMISSION Brussels,15^/\pr-j[1980
OFTHE
EUROPEAN COMMUNITIES FOROFFICIAL USEONLY
GeneralSecretariat
ACCESSION NEGOTIATIONS WITHSPAIN
Sixthreport
ontheexaminationofCommunitysecondarylegislation
Actsrelatingto
ECONOMIC ANTFINANCIAL AFFAIRS
(CommissionCommunication totheCouncil)
C0MC80)175final

I*Incontinuation ofthesystematic examination ofCommunity secondary
legislation undertaken with theSpanish Delegation inaccordance with the
brief received from theCouncil ,theCommission hasexamined ,allthe
general acts adopted bytheinstitutions oftheCommunities inthefield
ofeconomic and financial affairs which were inforce on 1October 1979 *
Theexamination also covered theunpublished and internal general acts
adopted bythegovernors ofthecentral banks ortheBoard ,ofGovernors
oftheEMCF (theBoard *sagreement having been obtained atthetime of
theaccession negotiations with Greece )*TheSpanish Delegation has
also been informed ,ofall theacts inthe economic and financial fields
which arenotlegally binding (such asresolutions orrecommendations )
butwhich are ofinterest forthedevelopment orguidance ofCommunity
action inthefield inquestion .
However ,theexamination didnotcover certain acts which ,although impinging on
economic orfinancial matters ,relate more particularly toother fields
andwill becovered bythe examination oftheacts inthose fields .This
isnotably thecase with regard toCouncil Directive 63/474/EEConthe
liberalization ofpayments forservices (OJNo125 ,17*8.1963 ,P*2240 ),
which will beexamined with theacts relating toright ofestablishment
andservices ,andCouncil Decision 76/568/EEContheassociation ofthe
overseas countries andterritories with theEuropean Economic Community
(OJNoL176,1.7.1976 ,p.8),which iscovered bytheexamination ofall
the acts inthe field ofexternal relations .
Subject totheremarks made below ,theresults oftheexamination are set
outinthetwoannexes tothis report :
Annex Icontains thelist ofacts which donotrequire anytechnical
adaptation (apart from thepossible deferment oftheir implementation
orapplication intheframework ofthetransitional period and subject
tothepossibility that some ofthem maygive rise tospecial problems ,
details ofwhich aregiven below );
Annex IIgives details ofthetechnical adaptations which need tobe
made tocertain acts totake account ofSpain *saccession ,such
adaptations being classified according totheir nature and .theform in
which they will have tobespecified intheact ofaccession .

-2-
II.Anexaminationoftheactsrelatingtothefieldinquestiongives
risetothefollowingadditionalremarks:
1.Thequestionofthedetailsarrangements forthepossibleinclusion
ofthepesetaintheEUAbasketisasubstantivematterthatmustbe
resolvedintheframeworkofthenegotiations ;thesolutionadopted
couldentailtheneedtomakeorprovideforadaptationstothefollowing
acts,onapermanentortemporarybasis:
CouncilDecision75/250/EECof21April1975thedefinitionand
conversionoftheEuropeanunitofaccountusedforexpressingthe
amountsofaidmentionedinArticle42oftheACP-EECConventionof
Lom£«
(OJNoL104,24.4.1975 »P.35)
CommissionDecision3289/75/ECSCof18December1975<>nthedefinition
andconversionoftheunitofaccounttobeusedindecisions,
recommendations ,opinionsandcommuniquesforthepurposesofthe
Treatyestablishing theEuropeanCoalandSteelCommunity.
(OJNoL327,19.12.1975,P.4)
FinancialRegulationof21December1977applicabletothegeneral
budgetoftheEuropeanCommunities.
(OJNoL356,31.12.1977,P.1)
CouncilRegulation(EEC)No3180/78of18December1978changingthe
valueoftheunitofaccountusedbytheEuropeanMonetaryCooperation
Fund.
(OJNoL379,3O.i2.i978,p.1)
Pendingadecisiononthissubstantivematter,noactioncanbetakenfor
thetimebeingwithregardtotheseacts;consequently theyarenot
includedinanyoftheannexestothisreport.
2.Certainactsrelatingtocreditmachinery(short-termmonetarysupport
andmedium-termfinancialassistance)andtoCommunityloansrequire
technicaladaptations specifyingtheextentofSpain'sparticipation in
themachineryortheloansinquestion.

This isalso aBatter to "besettled inthesubstantive negotiations and
thedetails oftheadaptations irr -lved cannot befinalized ,therefore ,
until thenegotiations onthis point have been completed .Consequently ,
therequisite a<?stations arereferred toinAnnex IItothis report but
their wording hasbeen held over forthetime being andwill besupplied
atalater stage .
3.Itshould benoted that Spain does nothave atitsdisposal allthe
instruments provided forinCouncil Directive 74/l2l/EECof18February 1974
onstability ,growth andfull employment intheCommunity (Article 9)tbut
theSpanish Delegation considers that Spain will beable toattain the
same objectives using theinstruments available .There would notappear
tobeanyneed ,therefore ,forthis question tobeexamined inthe
framework ofthesubstantive negotiations .
4*TheSpanish Delegation hasreserved theright torequest atalater
stage ,onthebasis ofreasoned submissions tobepresented inthe
substantive negotiations ,that theimplementation orapplication ofcertain
acts relating toeconomic andfinancial affairs betemporarily deferred
within theframework ofthetransitional measures tobeagreed .

AnnexI
Listofactsinthefieldofeconomicandfinancialaffairsnot
requiringtechnicaladaptation
ECONOMIC ANDMONETARY UNION
1.ResolutionoftheCouncilandoftheRepresentatives oftheGovernments ofthe
MemberStatesof22March1971onthephasedestablishment ofeconomicand
monetaryunionintheCommunity.
(OJNoC28,27.3.1971,P.1)
2.ResolutionoftheCouncilandoftheRepresentatives oftheGovernments ofthe
MemberStatesof21March1972ontheapplication oftheResolutionof22March
1971ontheattainmentbystagesofeconomicandmonetaryunioninthe
Community.
(OJNoC38,18.4.1972,p.3)
3.ConclusionsofthePresidency,EuropeanCouncil,5-6December1977onthe
prospectsforEMU.
(CommissionCommunication totheCouncilontheprospectsforEMU.
C0K(77)620final,17November1977).
MONETARY COOPERATION
4.CouncilDecision64/300/EECof8May19^4oncooperationbetweentheCentral
BanksoftheMemberStatesoftheEuropeanEconomicCommunity.
(OJNo77,21.5.1964,p.1206)
5.RulesofprocedureoftheCommitteeofGovernorsofthecentralbanksofthe
MemberStatesoftheEuropeanEconomicCommunity(12October1964)
6.CouncilDecision64/301/EECof8May1964oncooperationbetweenMemberStates
inthefieldofinternational monetaryrelations.
(OJNo77,21.5.1964,p.1207)
7.Declaration 64/306/EECof8May1964oftheRepresentatives oftheGovernments
oftheMemberStatesoftheEuropeanEconomicCommunitymettogetherinthe
Councilregardingtheorganization ofadvanceconsultations betweentheMember
Statesintheeventofchangesintheexchangeparitiesoftheircurrencies.
(OJNo78,22.5.1964,p.1226)
/

-2- Annex I
8.Council Decision 71/142/EECof22March 1971 onthestrengthening of
cooperation between thecentral banks oftheMember States oftheEuropean
Economic Community .
(OJNoL73,27.3.1971 ,P.14)
9.Resolution oftheEuropean Council of5December 197° ontheestablishment of
theEuropean Monetary System (EMS)andrelated matters .
10.Agreement of13March 1979 between thecentral banks oftheMember States of
theEuropean Economic Community laying down theoperating procedures forthe
European Monetary System *
EUROPEAN MONETARY COOPERATION FUND
11.Council Regulation (EEC)No907/73of3April 1973 establishing aEuropean
Monetary Cooperation Fund ,'
(OJNoL89,5.4.1973 ,p.2)
12.Provisional rules ofprocedure oftheEuropean Monetary Cooperation Fund .
(Text adopted bytheCouncil oftheEuropean Communities andtheBoard of
Governors oftheFund on28June 1973 ).
13.Decision 73/208/EECof24July 1973 oftheRepresentatives oftheGovernments
oftheMember States ontheprovisional location oftheEuropean Monetary
Cooperation Fund .
(OJNoL207 ,28.7.1973 ,p.46)
14.Directives andDecisions oftheBoard ofGovernors oftheEMCF
a)Third Directive oftheBoard ofGovernors of9March 1976 fortheagent
andconcerning theexecution offinancial transactions inconnection with
Community loan operations .
b)Decision 1/73 oftheBoard ofGovernors' of14May1973 appointing an
agent .
c)Decision 8/76 oftheBoard ofGovernors of9March 1976 ontheexecution
offinancial transactions inconnection with Community loan operations .
d)Decision 9/77 oftheBoard of-Governors of8February "1977relating to
Decision 1/73oftheBoard ofGovernors of14May1973 appointing anagent .
e)Decision 12/79oftheBoard ofGovernors of13March 1979 concerning the
executive measures necessary forthefunctioning oftheEuropean Monetary
System .

-3-AnnexI
f)Decision14/79of"theBoardofGovernorsrelatingtotheDecision 1/73
appointinganagent.
g)FourthDirectivefromtheBoardofGovernorstotheagent,dated13Jf&rch1979.
h)FifthM.rectivefromtheBoardofGovernorstotheagent,dated13March1979*
15.CouncilRegulation(EEC)No3181/78of18December1978relatingtothe
EuropeanMonetarySystem.
(OJNoL379,30.12.1973,P-2)
MEDÏUM-TEEM FINANCIAL ASSISTANCE
16.Council-Decision78/897/EECof30October1978concerningtheconclusionof
theAgreementintheformofanexchangeoflettersbetweentheEuropean
EconomicCommunityandtheBankforInternational Settlements concerning
themobilization ofclaimsheldbytheMemberStatesunderthemedium-term
financialassistancearrangement s.
(OJNoL316,10.11.1978,p.21)
INTERNATIONAL CAPITALFLOWS
17.CouncilDirective72/156/EECof21March1972onregulatinginternational
capitalflowsandneutralizing theirundesirableeffectsondomesticliquidity.
(OJN0L9I,18.4.1972,p.13)
1UNITOFACCOUNT Tokenentry
1Reserved.

_4- Annex I
FREE MOVMENT OPCAPITAL
18.First Council Directive of11Mayi960 fortheimplementation ofArticle67
ofthe Treaty .
(OJNo 43,12.7.1960 ,p.921)
19.Second Council Directive 63/21/EECof18December 1962 adding toandamending
theFirst Directive fortheimplementation ofArticle67oftheTreaty .
(OJNo9»22.1.1963 ,p.62)
20. –
21.
EXCEPTIONS TOTHE FREE MOVEMENT OFCAPITAL
22.Commission Decision68/406/EECof4December 1968 authorizing theFrench
Republic totake certain protective measures under Article 108(3)ofthe
Treaty .
(OJNoL295 ,7.12.1968 ,p.10)
23.Commission Decision 74/287/EECof8May1974 authorizing theItalian
Republic totake certain protective measures under Article 108(3 )of
theTreaty .
(OJNoL152 ,8.6.1974 ,p.18)
asamended by:
a)Commission Decision 75/355/e®Cof26May1975 amending theCommission
Decision of8May1974 .
(OJNoL158 ,20.6.1975 ,p.25)
24.Commission Decision 78/152/EECof22December 1977 authorizing Denmark to
take certain protective measures inaccordance with Article 108(3 )ofthe
EECTreaty .
(OJNoL45,16.2.1978 ,p.28)
25.Commission Decision 78/153/EECof22December 1977 authorizing Ireland to
take certain protective measures under Article 108(3 )oftheEECTreaty .
(OJNoL45,16.2.1978 ,p.29)
26.Commission Decision 78/154/EECof22December 1977 authorizing theUnited
Kingdom totake certain protective measures under Article 108(3 )ofthe
EECTreaty andrepealing Decision 75/487/EEC .
(OJNoL45,16.2.1978,p.30)
\

-5-Annex I
COMMUNITY LOANS
27.Council Decision 76/322/EECof15March 1976concerning aCommunity loan
infavour oftheItalian Republic and ofIreland .
(OJNoL77,24.3.1977 ,P.12)
23.Council Decision 76/323/EECof15March 1976 fixing theeconomic policy -
conditions to "beobserved byIreland .
(OJNoL77,24.3.1976 ,p.15)
29.Council Decision 76/324/EECof15March 1976 fixing theeconomic policy
conditions tobeobserved bytheItalian Republic .
(OJNoL77,24.3.1976 ,p.16)
30.Council Decision 76/771/EECof20September 1976 concerning thechanging
of3,tranche ofaCommunity loan from variable tofixed rates ofinterest .
(0JNoL265 ,29.9.1976 ,p.27)
31.Council Decision 77/232/EECof14March 1977 concerning thechanging ofa
tranche ofaCommunity loan from variable tofixed rates ofinterest .
(OJNoL72,19.3.1977 ,p.25)
32.Council Decision 77/414/EECof14June 1977 concerning thechanging ofa
atranche ofaCommunity loan from variable tofixed rates ofinterest .
(OJNoL149 ,17.6.1977 ,P.24)
33.Council Decision 77/361/EECof17May1977 concerning aCommunity loan in
favour ofthe Italian Republic .
(OJNoL132 ,27.5.1977 ,p.37)
34.Council Decision 77/359/EECof17May1977 adapting Council Decision 76/324/EEC
fixing theeconomic policy conditions tobeobserved bytheItalian Republic .
•(OJNoL132 ,27.5.1977 ,P.34)
a)Council Decision 78/840/EECof10October 1978 adapting Decision 77/359/SEC
fixing theeconomic policy conditions tobeobserved bytheItalian Republic .
(0JNoL291 ,17.10.1978 ,p.12)

-6- AnnexI
35.CouncilDecision78/87O/EECof16October1978empoweringtheCommission
tocontractloansforthepurposeofpromotinginvestmentwithinthe
Community.
(OJNoL293,25.10.1978,p.9)
36.CouncilDecision79/486/EECof14May1979applyingDecision78/870/EEC
empoweringtheCommissiontocontractloansforthepurposeofpromoting
investmentwit.11intheCommunity.
(OJNoL125,22.5.1979,p.16)
37.CouncilRegulation (EEC)No1736/79of3August1979oninterest
subsidiesforcertainloansgranted,undertheEuropeanMonetary
System.
(OJNoL200,8.8.1979,P.1)
38.CouncilDecision79/69VEECof3August1979applyingRegulation(EEC)
No1736/79oninterestsubsidiesforcertainloansgrantedunderthe
EuropeanMonetarySystem.
(OJNoL200,8.8.1979,P.18)
EURATOMLOANS
39.CouncilDecision77/270/Euratomof29March1977empoweringtheCommission
toissueEuratomloansforthepurposeofcontributing tothefinancing
ofnuclearpowerstations.
(OJNoL88,6.4.1977,P.9)
40.CouncilDecision77/271/Euratomof29March1977ontheimplementationofDecision77/270/EuratomempoweringtheCommissiontoissueEuratom
loansforthepurposeofcontributing tothefinancingofnuclearpower
stations.
(OJNoL88,6.4.1977,p.11)
/
l

-7-AnnexI
CONVERGENCE OFECONOMICPOLICIES
41.CouncilDecision74/122/EECof18February1974settingupanEconomic
PolicyCommittee.
(OJNoL63,5.3.1974,p.21)
42.CouncilDecision74/120/EECof18February1974ontheattainmentof
ahighdegreeofconvergenceoftheeconomicpoliciesoftheMember
StatesoftheEuropeanEconomicCommunity.
(OJNoL63,5.3-1974,p.16)
asamendedby:
a)CouncilDecision79/136/EECof6February 1979•
(OJ-NoL35,9.2.1979,p.8)
43.CouncilDecision75/787/EECof18December1975onanamendmentto
thetimetableforthepreparation oftheannualreportontheeconomic
situationintheCommunity.
(OJNoL330,24.12.1975,P-52)
STABILITY .GROWTHANDFULLEMPLOYMENT
44.CouncilDirective74/l2l/EECof18February1974onstability,growth
andfullemploymentir»theCommunity.
(OJNoL63,5.3.1974,p.19)
45*ConclusionsofthePresidency,EuropeanCouncil,7and8April1978,
Copenhagen.
MEDIUM-TERM ECONOMICPOLICY
46.Decision77/294/EECoftheCouncilandoftherepresentatives ofthe
GovernmentsoftheMemberStates,meetingwithintheCouncil,of14
March1977adoptingthefourthmedium-term economicpolicyprogramme.
(OJNoL101,25.4.1977.p.1)•

-8- Annex II
ACTS INTHE FIELD OFECONOMIC
ANDFINANCIAL AFFAIRS REQUIRING
TECHNICAL ADAPTATIONS
A.Adaptations ofapermanent nature ,thewording ofwhich canbegiven in
theActofAccession ofSpain (cf.list specified inArticle 29ofthe
1972 ActofAccession andAnnex Itothat Act)
Thefollowing acts need tobeadapted asindicated below ineach case :
1.Council Regulation (EEC)NO397/75OF17February1975 concerning Community
InArticle 6thelist ofpercentages should bereplaced bythefollowing list :
1
2.Council Regulation '(EEC )No398/75of17February 1975implementing Regulation
(EEC)No397/75concerning Community loans .
(OJNoL46,20.2.1975 ,p.3)
InArticle 2the list ofpercentages should bereplaced bythefollowing list :loans .
(OJNoL46,20.2.1975 ,p.1)
/asamended bytheActofAccession ofGreece of23May1979
("Annex I,Section VII ,point 3)7
&
Ταasamended bytheActofAccession ofGreece of28May1979
Annex I,Section VII ,point 4)
?»
Tobecompleted inthelight oftheoutcome ofthenegotiations .

-9- AnnexII
3.CouncilDecisionof18March195°layingdowntheRulesgoverningthe
MonetaryCommittee.
(OJNo17,6.10.1958,p.390)
asamendedby:
-CouncilDecisionof2April1$62
(OJNo32,30.4.1962,p.IO64)
-TheActofAccessionof22January1972(AnnexI,SectionVII,point1)
(OJHoL73,27.3.1972,p.14)
-CouncilDecision76/332/EECof25March1976
(OJNoL84,31.3.1976,p.56)
/PTheActofAccessionofGreeceof28May1979(AnnexI,SectionVII,
point5]/
-inArticle7»theword/"twelve^/i®replacedbytheword^thirteen^/
-inthefirstparagraphofArticle10,theword^twelve^/isreplaced
bytheword/"thirteen^/
4.CouncilDecision71/143/EECof22March1971settingupmachineryfor
medium-term financialassistance .
(OJNoL73,27.3.1971,P.15)
asamendedby:
-TheActofAccessionof22January1972(AnnexI,SectionVII,point2)
(OJNoL73,27.3.1972,p.14)
–CouncilDecisión75/785/EECof18December1975
(OJNoL330,24.12.1975,p.50)
–CouncilDecision78/49/eECof19December1977
(OJNoL14,18.1.1978,p.14)
–CouncilDecisión78/IO41/EECof21December1978
(OJNoL379,30.12.1978,p.-3)
TheActofAccessionofGreeceof28May1979(AnnexI,Section7,
point2)7
ThelistgivenintheAnnexofceilingsforcreditsforeachMemberState
shouldbereplacedbythefollowinglist:n1
Tobecompletedinthelightoftheoutcomeofthenegotiations .

-10-Annex II
5.Decision 13/79oftheBoard ofGovernors oftheEuropean Monetary Cooperation
Fund ,of 13March 1979 •
/asamended "bytheActofAccession ofGreece of28May1979
(Annex I,Section VII ,point 1_]/
Theamounts ofthedebtor quotas andthepercentage breakdown ofthose quotas
should.be amended asfollows :
» 1
•••••
Theamounts ofthecreditor quotas andthepercentage breakdown ofthose
quotas should beamended asfollows :
»•1 i
2Token entry
Council Regulation (EEC)No2639/74of15October 1974 amending Article 107
ofRegulation (EEC)NO574/72fixing theprocedure forimplementing Regulation
(EEC)NO1408/71ontheapplication ofsocial security schemes toemployed
persons andtheir families moving within theCommunity .
(OJNoL283 ,19.10.1974 ,P.1)
^asamended bytheActofAccession ofGreece (Annex I,Section IX,point 2
InArticle 107 (3)thefollowing point should beadded :
"/~i)_7 ^or Spanish peseta :theaverage official rates quoted at
theendoftheprice fixing which takes place each business day
atthe Batik ofSpain inMadrid ."
1Tobecompleted inthe light oftheoutcome ofthenegotiations .
2This adaptation ,theneed forwhich became apparent inthecourse ofthe
examination oftheacts relating toeconomic andfinancial affairs ,will
bedealt with intheframework oftheadaptations tobemade totheacts
relating tosocial affairs .

-11-Annex II
B.Adaptations ofapermanent nature tobeestablished after thesignature of
theaccession instruments (byacts oftheinstitutions oftheCommunities
tobeadopted intheinterim period )inconformity with theguidelines set
outintheActofAccession ofSpain (cf«list specified inArticle 30of
the1972 ActofAccession andAnnex IItothat Act)
Nil .

-12- Annex II
ri
C.Adaptations ofatransitional nature which surerequired irrespective of
anyperiod laid down byway ofderogation forthepurpose ofdeferring
theimplementation orapplication ofcertain acts (cf.list specified
inArticle 133ofthe1972 ActofAccession andAnnex VIItothat Act)
The transitional adaptations specified below should bemade tothe
following acts :
1.Council Regulation (EEC)NO397/75of17February1975 concerning Community
loans .
(OJNoL46,20.2.1975 ,p.1)
/asamended bytheActofAccession ofGreece of28May1979
(Annex I,Section VII ,point 3,}7
"Spain shall not subscribe toguarantees for loans made bytheCommunity
prior toSpain *saccession andtheguarantees setinpercentage terms for
thepresent Member States atthetime such loans were made shall remain
unchanged ."
2.Council Regulation (EEC)No398/75of17February1975 implementing Regulation
(EEC)NO397/75concerning Community loans .
(OJNoL46,20.2.1975 ,p.3)
/asamended bytheAct ofAccession ofGreece of28May1979
(Anne 'sI,Section VII ,point4)_/■
"Spain shall notbeobliged toprovide foreign exchange necessary ,to
guarantee theservicing ofloans made bytheCommunity prior toSpain 's
accession ."