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DOCUMENTS "COM"
COM(79)723
Vol.1979/0244

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(79)723 final.
Brussels.10December 1979
Proposalfora
COUNCILREGULATION (EEC)
amendingforthethirdtimetheFinancialRegulationof21December1977
asregardstheuseoftheECUinthegeneralbudgetoftheEuropean
Communities
Proposalfora
COUNCILREGULATION (EEC,Euratom)
onthereplacement oftheEuropeanunitofaccountbytheECUinCommunity
legalinstruments
amendingDecision75/250/
Europeanunitofaccount
inArticle42ofProposalfora^-* •
Cov•A
COUNCILDECISION
EEConthedefinitionLH t--"*
usedforexpressingt
<-,>-,,■<>■/
theACP*EEC
ileandconversionofthe
...the.^mountsofaidmentioned
Convention ofLomé
DraftCommission Decision .
amendingDecision No3289/75/ECSConthedefinition andconversionofthe
unitofaccounttobeusedindecisions,recommendations ,opinionsand
communications forthepurposesoftheTreatyestablishing theEuropean
CoalandSteelCommunity
(submittedtotheCouncilbytheCommission )
COM(79)723 final.

EXPLANATORY MEMORANDUM
X. Introduction ;Newcontext calling forthes-tandardization ofthe
units ofaccount used inCommunity finances
1.AttheEuropean Council meeting inBremen on6and7July 1978 ,"theHeads
ofState and ofGovernment oftheMember States oftheEuropean Communities
decided togive fresh impetus totheprocess ofmonetary integration by
creating azone ofmonetary "stability inEurope .Atitsmeeting inBrussels '
on4and5December 1978 ,theEuropean Council adopted aResolution establishing
aEuropean Monetary System (EMS)forwhich theunit ofaccount is ,
theECU ,uunit with the same value astheEUAwhen the System was setup.
Under Rcjulation (EEC)No3180/78of18December 1978 ,
theCouncil introduced theECUforthepurposes ofEuropean Monetary Cooperation
Fund transactions with effect from 1January 1979 »TheEuropean Monetary System
came into force on13March 1979 *TheECUhasalso been introduced forthe
purposes ofthecommon agricultural Policy ,under Council Regulation No652/79of
29March 1979 . '< . . ..
2.Technically ,theonly difference between theEUA ,which isused inall
other ,sectors ofCommunity activity ,andtheEOT lies intheexplicitly
stipulated possibility oftherelative weight ofthe currencies making upthe
ECUb€!ing changed ,whereas nosuch possibility ismentioned inthedefinition
•oftheEUA. _ .
Itwould bedetrimental tothesmooth functioning ofthese activities tohave
tousetwounits ofaccount which ,,although based onthesame principles ,would
acquire different ,values because onehad been altered and the other haul not .
Consequently ,inorder toavoid anyrisk ofconfusion ,theCommission ,which
hasalways been striving towards thestandardization oftheunits ofaccount
used "intheCommunity ,proposes that theEUAbereplaced bytheECU.
OJNo1379of30December 1978 ,p.1.

» <-2--
Itwouldbeadvisablefortheprocedureconcerningtheproposedreplacement
tobecompletedquickly,inordertotakeadvantageofthefaotthat,since
thetwounitsofaccounthavethesamevalueatpresent,thetransitionwould
becarriedoutwithouttechnicaldifficulties .
NowthatthenewunitofaccountknownastheECUhasbeencreated,itis
increasingly importanttostandardizetheunitsofaccountusedinCommunity
finances.Theyshouldbestandardized beforetherespectivevaluesofthese
unitsofaccountbegintodiverge.
Usingonecr.dthesameunitofaccountforalltheactivitiesofthe
/EuropeanConnaunities frouldhaveobviousaccounting,legalandpolitical
advantages.TheCommissionhasthereforepreparedaseriesofproposals
designedtobringintheECUsimultaneously (on1January1980)forthe
purposesoftheGeneralBudgetoftheEuropeanCommunities,theECSCOperational
Budget,EuropeanDevelopment FundtransactionsandallactsofCommunitylaw
inwhichreferenceismadetoaunitofaccount.
II.Thedecisionstobetaken
Thereasonsfortheabovementioned proposalsattachedtothisMemorandumareas
follows: ,
1.DecisionstobetakenbytheCouncil
(a)ProposalforaRegulationamendingtheFinancialRegulationof21December1977
asregardsusingtheECUintheGeneralBudgetoftheEuropeanCommunities
ItisproposedthatArticle10oftheFinancialRegulationbeamended.Forthe
definitionoftheECUtheproposalreferstoCouncilRegulation(EEC)No3180/78
of18December1978changingthevalueoftheunitofaccountusedbythe'._.
EuropeanMonetaryCooperation Fund.ThecompositionoftheECUbasket,which
isnowthesameasthatoftheEUAspecifiedintheFinancialRegulationin
force,willhenceforthsimplybegiveninafootnoteandnotinthebodyofthe
Regulation,soasnottoinvalidatethetextintheeventofarevisionofthe
ECU. '

Onthelatter point ,theproposal also specifies that anychanger inthe .
definition oftheECUshall "be ,decided on "bytheCouncil anthecontext of
theEuropean Monetary System .TheFinancial Regulation would thus ensure ,\
thecontinuity ofthesame unit ofaccount despite anyrevisions that might '
bemade .Itisalso proposed that "European unit ofaccount "bereplaced
by'ECU"inalltherelevant Articles oftheFinancial Regulation . , :
« .
(b)Proposal foraReflation (EEC .Euratom )onthereplacement ofthe
European unit ofaccount bytheECU inacts ofCommunity law
This text proposes that "EUA"bereplaced by-"ECU"inallacts ofCommunity law
now inforce inwhich reference ismade totheEUA .Consequently ,theECU -
would beused from 1January 1980notonly intheGeneral -Budget ofthe
European Cor .aiunities butalso inalllegal acts .Thetransition totheECU
forrights andobligations ofthird parties expressed inEUA isdealt with
byageneral provision stipulating that such rights and obligations shall
continue tobemanaged onthebasis ofthedefinition oftheEuropean unit
ofaccount iriforce before theentry into force oftheRegulation .1
. ν
(e)Proposal foraCouncil Decision amending Decision 75/250/EECof21April 1975
onthe ;definition and conversion ofthe European unit ofaccount used for
exnr'jr^ing the amounts ofaidmentioned inArticle 42oftheACP –EEC
Convention ofLome
Itisproposed that Article /1ofthe abovementioned Decision beamended in :
similar fashion toArticle 10oftheFinancial Regulation ..This proposal
isinaccordance with thestatement concerning Article 95ofthenewACP-EEC
: 1Association Convention atpresent under negotiation . .
'SeeCouncil Doc.8441/79(ACP253)(FIN465)of14August 1979 ,Annex XXIV .

-4-
2.Decision to "betaken "bythe Commission subject to •unanimous Council assent
(d.)Conminsion Docision amending Decision No3289/75/ECSC of18December 1975
onthe definition and conversion ofthe unit ofaccount tobeused in
decisions ,recommendations ,opinions and communications for thepurposes
ofthe ECSC Treaty
Asthefinal step intheefforts tostandardize theunits ofaccount ,the
Commission itself isrequired totake adecision inorder tointroduce the
ECUforthepurposes oftheECSC Treaty .Theproposal isaligned onthe
proposals concerning theGeneral Budget andtheEDF fforthedefinition of
theECU .This proposal also contains aprovision guaranteeing the
maintenance ,after thetransition totheECU ,ofrights acquired inEUA ,
»
with theexception ,however ,ofthose arising from adjustment operations .
III.Reminder oftheproposal for aRegulation ontheprocedure forapplying
the EUA
Theattached proposals relate tothe introduction ofthenew single unit of
*
account ,theECU ,into Community finances ,butdonotprovide forallthe
*
implementing arrangements .Itshould berecalled inthis context that the
4
Commission proposal foraRegulation ontheprocedure forapplying the
European unit ofaccount (EUA)-frolegal acts adopted bytheinstitutions
oftheEuropean Communities isstill being discussed bytheCommunity authorities .
Itistherefore worthwhile fortheCommission tospecify that thenewproposals
concerning theECUaxenotintended toreplace this Commission proposal ,which
itthinks should still beadopted ;thereferences totheEUA intheproposal
would bereplaced byreferences totheECU.

ANNEX I
Proposal foraCouncil Regulation
amending forthethird time theFinancial Regulation
of21December 1977 asregards the use ofthe ECU inthe
general budget oftheEuropean Communities
THECOUNCIL OPTHEEUROPEAN COMMUNITIES , ,
Having regard totheTreaty establishing theEuropean Coal andSteel
Corununity ,andinparticular Article J8hthereof ,
having regard totheTreaty establishing theEuropean Economic Community
and inparticular Article 209thereof ,
Having regard tothe Treaty establishing theEuropean Atomic Energy
Community ,andinparticular Article 183thereof ,
«
Having regard totheproposal from theCommission ,
Having regard totheopinion oftheEuropean Parliament ,
Having regard totheopinion oftheCourt ofAuditors ,
* <»
Whereas ,pursuant toArticle 10oftheFinancial Regulation of
21 ;December 1977 applicable tothegeneral budget oftheEuropean
1 , . 2Communities ,asLast amended byRegulation ,,the budget is
drawn upinEuropean units ofaccount (EUA ).defined byreference to
the sum ofspecified amounts ofthe currencies oftheKenber Sta'er -;
Whereas Council Regulation (EEC)No3180/78^defined anewunit of
account known asthe ECU;
~0JNoL356 ,31.12.1977 ,p.1.
3CJNoL379,30.12.1978 ,p.1.

,-2-
Whereasstepsshouldbe"takentostandardize theunitsofaccountused
bytheCommunities,andwhereastheEUAshouldthereforebereplaced
bytheECU;'
Whereasthecomposition oftheECUmaybechangedsubsequently inthe
contextoftheEuropeanMonetarySystem,
HASADOPTEDTHISREGULATION :..
Article 1
TheFinancialRegulationisherebyamendedasfollows:
Article10shallbereplacedbythefollowing :
"Article10
1.TheBudgetshallbedrawnupxnECU.
TheECUshallbedefinedbyreferencetothesumofspecifiedamounts
ofthecurrenciesoftheMemberStatesassetoutinCouncilRegulation
(EEC)No3180/78of18December1978changingthevalueoftheunitof
1.2accountusedbytheEuropeanMonetaryCooperation Fund'.
AnychangeinthedefinitionoftheECUdecidedonbytheCouncilin
thecontextoftheEuropeanMonetarySystemshallautomatically apply
tothisprovision.
gOJNoL379,30.12.1978,p.1.
OntheentryintoforceofthisRegulation,suchamountsareasfollows
m 0.828
£sterling 0.0885
FF 1.15
Lit 109
FI 0.286
3frs 3>66
Lfrs 0.14
ïkr 0.217
.£.(Tirish^ 0.00759Lit
FI
3frs
Lfrs
ïkr
Irish)

2.Thevalue oftheECUinanygiven currency shall beequal tothe
sumoftheequivalents Inthat currency oftheamounts ofthecurrencies
making uptheECU .1-Itshall bedetermined bythe Commission onthe
basis oftherates recorded each day ontheexchange markets . -
Thedally rates for thepurpose ofconversion -into thevarious national
currencies shall beavailable each day and shall bepublished inthe
Official -Journal oftheEuropean Communities . -
3.Where appropriate ,conversions between theECU andnational currencies
shall beeffected attherate oftheday ,without prejudice tothespecial
provisions Laid down inArticle 108(7 )." _
InArticles 26,30,52(a ),54,56,57,63,94(4 )and (5),and 108(7 )
- - " •
"European units ofaccount "shall bereplaced by"ECU". ' ,
■• Article 2
This Regulation shall enter into force on1January I98O . -
This Regulation shall bebinding initsentirety anddirectly
applicable inallMember States . > .
Done atBrussels , - 1979
For the Council
The President

ANNEX II
Proposal foraCouncil Regulation (EEC,Euratom )
onthe replacement oftheEuropean unit ofaccount
bythe ECU inCommunity Legal instruments
THECOUNCIL OPTHEEUROPEAN .COMMUNITIES ,
Having regard totheTreaty establishing theEuropean Economic Community ,
andinparticular Article 235thereof ,
Having regard totheTreaty establishing theEuropean Atomic Energy Community
and inparticular Article 203thereof ,
Having regard totheproposal from the Commission , '„ - .
* '/
Having regard totheopinion oftheEuropean Parliament ,
1
Uhoroas Council Regulation (EEC )No3180 /78defined anewunit ofaccount
known asthe ECU;
Whoroas steps should betaken tostandardize theunits ofaccount used by :
theCommunities ,andwhereas the EUAshould therefore bereplaced bythe
ECU inallCommunity legal instruments ;
1ursoL379,30.12.1978.' p.l.

Whereas aprovision should be"included ,inorder tosafeguard ,when the
EUAisreplaced bytheECU,rights andobligations contracted in
European units ofaccount ,
HAS ADOPTED THIS REGULATION :
i Article 1 .>
InallCommunity legal instruments applying atthe time ofentry into for
ofthis Regulation ,"European unit ofaccount "shall bereplaced by"ECU"
ν
, Article 2 ^
Thedefinition ofthe European unit ofaccount inforce before theentry
into force ofthis Regulation shall continue toapply torights and .
obligations arising before the entry into force oft'his Regulation which
were determined inEuropean units ofaccount ". -
Article 3
This Regulation shall enter into force on 1January 1980 .
This Regulation shall bebinding initsentirety anddirectly applicable
in'all Member States .
Done atBrussels , 1979
>
For the Council
I
The President

ANNEX III
Proposal foraCouncil Decision -
amending Decision 75/250/EEC
onthedefinition and conversion oftheEuropean unit ofaccount
used forexpressing theamounts ofaidmentioned inArticle 42
oftheACP–EEC Convention ofLom6
THECOUNCIL OPTHEEUROPEAN COMMUNITIES ,
Having regard tothe r3commendation oftheCommission , ,
Having regard tothereport oftheMonetary Committee ,
- . - 1Whereas ,pursuant toCouncil Decision 75/250/EEC ,the unit ofaccount tobe .used
for expressing theamounts ofaidmentioned inArticle 42ofthe
ACP–EEC Convention ofLome isdefined byreference tothe sumof
specified amounts ofcurrencies oftheMember States oftheCommunity :
'.Jhereas Council Regulation (EEC )No3180 /78defined anew unit ofaccount
known asthe ECU;
Whereas steps should betaken tostandardize theunits ofaccount used
bytheCommunity ,andwhereas the EUAshould therefore bereplaced bytheECU;
Whereas thecomposition oftheECUmaybechanged subsequently inthe
context oftheEuropean Monetary System .
1OJNoL104,28.4.1975 ,P.35 .
2OJNoL379,30.12.1978 .p.1.

RAS ADOPTED THIS DECISION :
Sole Article
Decision 75/250/EEC ishereby amended asfollows :
«
Article 1shall bereplaced bythe following :.
Article 1 «
"The amounts ofaid mentioned ,inArticle 42ofthe ACP–EEC Convention
ofLom£ shall beexpressed inECU .TheECU shall feedefined 'by -
reference tothe sumofspecified amounts ofthe currencies ofthe
Member States assetoutinCouncil Regulation (EEC)' No3180/78of
18Decefiiber 1978 changing thevalue oftheunit ofaccount used "by
1.2theEuropean Monetary Cooperation Fund '• ,
Any change inthedefinition oftheECU decided onbythe Council in
thecontext ,oftheEuropean Monetary System shall automatically apply
tothis provision ." •
Inthefirst paragraph ofArticle 2,"unit ofaccount "shall be
replaced "by"ECU". - ' ' ■'
Done atBrussels , '1979
. .. 'V '■ ForiheCouncil
, - The President
OJNoL379 »30.12.1978 ,£.1.
Ontheentry into force ofthis Decision ,such amounts are asfollows
DM - 0.828 .
£sterling .- . . 0.0885
FF 1.15
Lit , 109 "
'3 F1 0.286
Bfrs 3.66 •
Lfrs 0.14
Dkr . . 0.217 '
£(Irish ) -..0.00759 V" - ■-

ANNEX IV
Commission Décision
amending Decision No3289 /75/ECSC
onthe definition and .conversion ofthe unit ofaccount to "beused ,
indecisions ,recommendations ,opinions andcommunications forthe
purposes oftheTreaty establishing theEuropean Coal andSteel
Community .
THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
Having regard totheTreaty establishing theEuropean Coal and
Steel Community ,and inparticular Articles 8,14,26,50,54,55
andArticle 56thereof .
1'Jhereas ,pursuant toArticle 1ofCommission Decision No3289 /75/ECSC ,the ,
unit ofaccount to "beused forthepurposes oftheECSC Treaty
istheEuropean unit ofaccount (EUA)defined "byreference to
the sumofspecified amounts ofthe currencies oftheMember States :
2Whereas Council Regulation (EEC )No3180 /78defined anew unit of
account known asthe ECU;
Whereas steps should betaken tostandardize theunits ofaccount
used bytheCommunity ,andwhereas the EUAshould therefore bereplaced
bytheECU ;
Whereas thecomposition oftheECUmaybechanged subsequently in
thecontext oftheEuropean Monetary System :
10JNoL327,19.12.1975,P-4
20JNoL379,30.12.1978,p.1

With theunanimous assent oftheCouncil , ;
% • • -'
HAS ADOPTED THIS DECISION :'
Article 1
Decision No3289 /75/ECSC ishereby amended asfollows :
1.Article 1shall read asfollows : ; -
Article 1
"Theunit ofaccount toheused indecisions ,recommendations ,opinions
andcommunications forthepurposes oftheTreaty establishing theEuropean '
Coal and Steel Community shall hetheECU,which shall "bedefined byreference
tothesumofthefollowing amounts ofthe currencies oftheMember States
ofthe Community : ' '^ J ■ ■
DM ~0.828
£sterling 0.0885
FF .1.15 •
Lit 109
Fl *0.286 '
Bfrs 3.66
Lfrs O.I4
Dkr 0.217
£Irish 0.00759 - \
Anychange inthedefinition oftheECUdecided onbytheCouncil inthe
context oftheEuropean Monetary Slystem shall automatically apply tothis
provision ." - '
2*InArticle .2"unit ofaccount "shall bereplaced by"ECU"# Inthefirst
paragraph ofArticle 3»the first andsecond paragraphs ofArticle 4andthe
last paragraph ofArticle 7 shall bereplaoed by"ECU".
3..Thefollowing paragraph shall beadded toArticle 5:
.Thedefinition ofthe European unit ofaccount EUA inforce before the entry
..i-toforce ofthis Decision shall continue toapply torights andobligations
arising between 1January 1976 and 31December 1979 which were determined in
.European units ofaccount ,-with theexception ofthose arising from adjustment
°perati °nS- "/'Article 2
This Decision shall enter info force on1January 1980 .
r- '
Tnio Decision shall bebinding initsentirety anddirectly applicable inall
jrStates . -- > v
Dc..o atBrussels , 1979 ,
Por the Commission •