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DELACOMMISSION
COLLECTION RELIEE DES
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COM (80)164
Vol.1980/0050

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COMMISSION
OFTHE
EUROPEAN COMMUNITIES
GenerolSecretariotCOM(80)164final
Brussels,8thApril1980
FOROFFIClALUSEONLY
ACCESSION NEGOTIATIONS WITHPORTUGAL
Fourthreport
ontheexaminationofCommunitysecondarylegislation
Actsrelatingto
ECONOMIC ANDFINANCIAL AFFAIRS
(CommissionCommunication totheCouncil)
COM(80)164final
/

I.Incontinuation ofthesystematic examination ofCommunity secondary
legislation undertaken with thePortuguese 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 andinternal general acts
adopted bythegovernors ofthe central banks ortheBoard ofGovernors
oftheEMCF (theBoard 'sagreement having been obtained atthetime of
theaccession negotiations with Greece ).ThePortuguese Delegation has
also been informed ofall the acts inthe economic and financial fields
which arenotlegally binding (such as -resolutions orrecommendations )
butwhich areofinterest forthedevelopment orguidance ofCommunity
action inthefield inquestion .
' ■ \
c
\
However ,theexamination didnotcover certain acts which ,although impinging on j
economic orfinancial matters ,relate more particularly toother fields |
andwill becovered bytheexamination oftheacts inthose fields .This £
isnotably thecase with regard toCouncil Directive 63/474/EEConthe (
liberalization ofpayments forservices (OJNo125,17*8.1963 ,p.2240 ), f
which will beexamined with theacts relating toright ofestablishment f
andservices ,and *Council Decision 76/568/EEContheassociation ofthe |
overseas countries ,andterritories with theEuropean Economic Community I
(OJNoL176,1.7»1976 ,p.8),which iscovered bytheexamination ofall
the acts inthe field ofexternal relations .
Subject totheremarks made below ,theresults oftheexamination are set
out inthetwoannexes tothis report :
Annex Icontains the list 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 ofPortugal 'saccession ,such
adaptations being classified according totheir nature andtheform in
which they will have tobespecified intheactofaccession .

II.Anexaminationoftheactsrelatingtothefieldinquestiongives
risetothefollowingadditionalremarks:
1.Thequestionofthedetailedarrangements forthepossibleinclusion
oftheescudoi^ntheEUAbasketisasubstantivematterthatmustbe
resolvedintheframeworkofthenegotiations ;thesolutionadopted
couldentailtheneedtomakeorprovideforadaptationstothefollowing
acts,onapermanentortemporarybasis:
CouncilDecision75/25O/EECof21April1975onthedefinitionand
conversionoftheEuropeanunitofaccountusedforexpressingthe
amountsofaidmentionedinArticle42oftheACP-EECConventionof
Lom£.
r
(OJNoL104,24.4.1975,P«35).
CommissionDecision3289/75/ECSCof18December1975on"thedefinition
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.
(OJNoL379,30.12.1978,p.1)
Pendingadecisiononthissubstantivematter,noactioncanbetakenfor
thetimebeingwithregardtotheseacts;consequently theyarenot
includedinanyoftheannexestothisreport.
2.Certainactsrelating'tocreditmechanisms(short-termmonetarysupport
andmedium-terrafinancialassistance)andtoCommunityloansrequire
technicaladaptationsspecifyingtheextentofPortugal'sparticipation.'in
themechanismsortheloansinquestion.

-3-
4
ThisisalsoaBattertobesettledinthesubstantivenegotiations and
thedetailsoftheadaptations involvedcannotbefinalized,therefore,
untilthenegotiations onthispointhavebeencompleted.Consequently ,
therequisiteadaptationsarereferredtoinAnnexIItothisreportbut
theirwordinghasbeenheldoverforthetimebeingandwillbesupplied
atalaterstage.
3.ItshouldbenotedthatPortugaldoesnothaveatitsdisposalallthe
instrumentsprovidedforinCouncilDirective74/121/EECof18February1974
onstability,growthandfullemploymentintheCommunity(Article9)»tut
thePortugueseDelegationhasreservedtherighttocomebacktothis
matterinthecourseofthesubstantivenegotiations .
4.ThePortugueseDelegationhasreservedtherighttorequestatalater
stage,'onthebasisofreasonedsubmissionstobepresentedinthe
substantivenegotiations ,thattheimplementation orapplicationofcertain
actsrelating "toeconomicandfinancialaffairsbetemporarilydeferred
withintheframeworkofthetransitional measurestobeagreed.

AnnexI
Listofactsinthefieldofeconomicandfinancialaffairsnot
requiringtechnicaladaptation
ECONOMIC ANDMONETARY UNION
.1.ResolutionoftheCouncilandoftheRepresentatives oftheGovernments ofthe
MemberStatesof22March1971onthephasedestablishment ofeconomicand
monetaryunionintheCommunity.
(CJNoC28,27.3.1971,p.1)
2.ResolutionoftheCouncilandoftheRepresentatives oftheGovernments ofthe
MemberStatesof21March1972ontheapplication oftheResolutionof22March
1971ontheattainmentbystagesof.economioandmonetaryunioninthe
Community.
(OJNoC38,18.4.1972,p.3)
3.ConclusionsofthePresidency,EuropeanCouncil,5-6December
prospectsforEMU.
(CommissionCommunication totheCouncilontheprospectsfor
C0M(77)620final,17November1977).
MONETARY COOPERATION
4.CouncilDecision64/300/EECof8May1964oncooperationbetweentheCentral
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 oftheCovor-nrnfritu
oftheMemberStatesoftheEuropeanEconomicCommunitymettogetherinthe
Councilregardingtheorganization ofadvanceconsultations betweentheMember
Statesintheeventofchangesintheexchangeparitiesoftheircurrencies.
(OJNo78,22.5.1964,p.1226)1977onthe
EMU.

–2– Annex .I
I
8.Council Decision 71/142/EECof22March 1971 onthestrengthening of
cooperation between thecentral banks oftheMember States oftheEuropean
Economic Community .
(OJNoL73.27.3.1971 ,p.11)
9.Resolution oftheEuropean Council of5December 197"ontheestablishment of
theEuropean Monetary System (EMS)andrelated matters .
Λ
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 oftheEWCF
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 ofthetoard ofGovernors of8February 1977 relatin ."to
Decision l/73oftheBoard ofGovernors of14Kay1973 appointing anagent .
e)Decision 12/79oftheBoard ofGovernors of13March 1979 concerning the
executive measures necessary forthefunctioning oftheEuropean Monetary

-3-AnnexI
f)Decision14/79oftheBoardofGovernorsrelatingtotheDecision 1/t3
appointing anagent.
fr)FourthDirectivefromtheBoardofGovernorstotheagent,dated13March1979.
h)FifthDirectivefromtheBoardofGovernorstotheagent,dated13March1979*
15.CouncilRegulation(EEC)No3181/78of18December1978relatingtothe
EuropeanMonetarySystem.
(OJNoE379,30.12.1978,P-2)
MEDIUM–TERMFINANCIAL ASSISTANCE
16.CouncilDecision78/397/EEC30October1978concerningtheconclusionof
theAgreementintheformofanexchangeoflettersbetweentheEuropean
EconomicCommunityandtheBankforInternational Settlements concerning
themobilization ofclaimsheldbytheMemberStatesunderthemedium-terra
financialassistancearrangements .
(OJNoL316,10.11.1978,p.21)
INTERNATIONAL CAPITALFLOWS
17.CouncilDirective72/156/EECof21March1972onregulatinginternational
capitalflowsandneutralizing theirundesirableeffectsondomesticliquidity.
(OJNoL91,18.4.1972,p.13)
1UNITOPACCOUNT Tokenentry
Reserved.

–4– Annex I
FRISE r-XT/TT -'ENT OFCAPITAL
18.First Council Directive of11Mayi960 fortheimplementation ofArticle 67
oftheTreaty .
(OJNo43,12.7.1960 .p.921)
19.Second Council Directive 63/21/EECof18December 1962 adding toandamending
theFirst DireStive fortheimplementation ofArticle 67oftheTreaty .
(OJNo9,22.1.1963 ,p.62)
20.
21.
EXCEPTIONS TOTHE FREE MOVEMENT OFCAPITAL
22.Commission Decision 68/406/EECof4December 1968authorizing 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/EECof26May1975 amending theCommission
Decision of8May1974 .
(OJNoL158 ,20.6.1975 ,P.25)
24.Commission Decision 78/15^/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/l53/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 Artiole 108(3 )ofthe
EECTreaty andrepealing Decision 7,5/487/eEC.
(OJNoL45»16.2.1978 .p.30)

-5-Annex I
4
CQFHUNITT LOANS
27.Council Decision 76/322/EECof15March 1976 concerning aCommunity loan
infavour ofthe Italian Republic and ofIreland .
(OJNoL77,24.3.1977 ,p.12)
M.
28.Council Decision 76/323/EECof15March 1976 fixing theeconomic policy
conditions to "beobserved byIreland .
(OJNoL77,24.3.1976 ,p.15)
-' Λ
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 •
ofatranche 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 77/36l/EECof17May1977 concerning aCommunity loan in
favour oftheItalian 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/enC
fixing theeconomic policy conditions tobeobserved bytheItalian Republic .
(0JNoL291 ,I7.IO.1978 ,p.12)

-6- Annex I
/
35.Council Decision 78/870/EECof16October 1978 empowering theCommiasion
tocontract loans forthepurpose ofpromoting investment within the
Community .
(OJNoL298 ,25.10.1978 ,p.9)
36.Council Decision 79/486/EECof14May1979 applying Decision 78/870/EEC
(empowering theCommission tocontract loans forthepurpose ofpromoting
investment within the Community .
(OJNoh125 ,22.5.1979 ,p.16)
37.Council .Regulation (EEC)No1736/79of3August 1979 oninterest
subsidies forcertain loans granted under theEuropean Monetary
System .
(OJNoL200 ,8.8.1979 ,P.1)
38.Council Decision 79/691/EEX3of3August 1979 applying Regulation (KKC)
No1736/79onintoroot subsidies forcertain loans granted under the
European Monetary System .
(OJNo'L200 ,8.8.1979 ,P.18)
EURATOM LOANS
39.Council Decision 77/270/Euratora of29March 1977 empowering theCommission
toissue Euratom loans forthepurpose ofcontributing tothefinancing
ofnuclear power stations .
(OJNoL88,6.4.1977 ,'P.9)
40.Council Decision 77/271/Euratom of29March 1977 ontheimplementationofDecision 77/270/Euratom empowering theCommission toissue Euratom
loans forthepurpose ofcontributing tothefinancing ofnuclear power
stations .
(OJNoL88,6.4.1977 ,P.11)

-7-Annex I
4
CONVERT .-]MCE OFECONOMIC POLICIES
41•Council Decision 74/122/EECof18February 1974 setting upanEconomie
Policy Committee ,
(OJNoL63,5.3.1974 ,p.21)
42.Council Decisiorl 74/120/EECof13February 1974 ontheattainment of
ahigh degree ofconvergence oftheeconomic policies oftheMember
States oftheEuropean Economic Community .
(OJNoL63,5.3.1974 ,p.16)
Λ
a;3amended by: *
a)Council Decision 79/136/EECof6February 1"979-
(0JNo 'L35,9.2.1979 ,P.8)
43.Council Decision 75/787/EECof18December 1975 onanamendment to
tlietimetable for thepreparation oftheannual report ontheeconomic
situation in the Community .
(OJNoL330 ,24.12.1975 ,P-52)
STABILITY .GROWTH AND FULL EMPLOYMENT
44.Council Directive 74/l2l/EECof13February 1974 onstability ,growth
and full employment i"theCommunity .
(OJNoL63,5.3.1974 ,p.19)
45.Conclusions ofthePresidency ,European Council ,7and °April 197° ,
Copenhagen .
MEDIUM-TERM ECONOMIC POLICY
46.Decision 77/294/EECoftheCouncil andoftherepresentatives ofthe
Governments oftheMember States ,meeting within theCouncil ,of14
March 1977 adopting thefourth medium-terto economio policy programme .
(OJNoL101 ,25.4.1977 .P-.1)

-3- AnnexII
ACTSINTHEFIELDOFECONOMIC
AM)FINANCIAL AFFAIRSREQUIRING
TECHNICAL ADAPTATIONS
A.Adaptationsofapermanentnature,thewordingofwhichcanbegivenin
theactofaccessionofPortugal(cf.listspecifiedinArticle29ofthe
1972ActofAccessionandAnnexItothatAct)
Thefollowingactsneedtobeadaptedasindicatedbelowineachcase:
1.CouncilRegulation(EEC)No397/75of17February1975concerningCommunity
loans .
(OJNoL*46,20.2.1975,P.1)
/asamendedbytheActofAccessionofGreeceof28May1979
XAnr(lexI,SectionVII,point3
InArticle6thelistofpercentagesshouldbereplacedbythefollowinglist!
1
2.CouncilRegulation'(EEC)No398/75of17February1975implementingRegulation
(EEC)No397/75concerningCommunityloans.
(OJNoL46,20.2.1975,P.3)
/anamendedbytheActofAccessionofGreeceof28May1979
(AnnexI,SectionVII,point4)
InArticle2thelistofpercentages shouldbereplacedbythefollowinglist:
1
Tobecompletedinthelightoftheoutoomeofthenegotiations *
f
!■

–9– AnnexII
4
3.CouncilDecisionof18March1958layingdowntheRulesgoverningthe
MonetaryCommittee.
(OJNo17,6.10.1958,p.390)
asamendedby:
*
CouncilDecisionof2April1962
(OJNo32,30.4.1962,p.1064)
TheActofAccessionof22January1972(AnnexI,SectionVII,point1)
(OJNoL73,27.3.1972,p.14)
–CouncilDecision76/332/EECof25March1976
(OJNoL84,31.3.1976,p.56)
/PTheActofAccessionofGreeceof28May1979(AnnexI,SectionVII,point5^7
–inArticle7,theword isreplacedbytheword/"thirteen^/
–inthefirstparagraphofArticle10,theword^twelve^/isreplaced'
bytheword^thirteen^/
4.CouncilDecision71/l43/EECof22March1971settingupmachineryfor
medium-terra financial'assistance .
(OJNoL73,27.3.1971,P.15)
asamendedby:
-TheActofAccessionof22January1972(AnnexI,SectionVII,point2)
(OJNoL73,27.3.1972,p.14)
–CouncilDecisión75/7^5/EECof18December1975
(OJNoL330,24.12.1975,P«50)
–CouncilDecision78/49/EECof19December1977
(OJNoL14,18.1.19~8,p.14)
–CouncilDecisión78/IO41/EECof21December1978
(OJNoL379,30.12.1979,p.3)
TheActofAccessionofGreeceof28May1979(AnnexI,Section7,
point
ThelistgivenintheAnnexofceilingsforcreditsforeachMemberState
should^bereplacedbythefollowinglist:
Λ1
Tobecompletedinthelightoftheoutcomeofthenegotiations

-10-Annex II
4
5.Decision 13/79oftheBoard ofGovernors oftheEuropean Monetary Cooperation
Fund of 13March 1979 *
/a3amended bytheActofAccession ofGreece ,of28May1979
ifAnnex I,Section *VII ,point 1_]/
Theamounts ofthedebtor quotas andthepercentage breakdown ofthose quotas
should.be amended asfollows :
' ft ' *
Theamounts oftheoreditor quotas andtheperoentage breakdown ofthose
quotas should beamended asfollows :
1
2Token entry
Council Regulation (EEC)No2639/74of15October 1974 amending Article 107
ofReflation (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 :
fortheescudo :theaverage official rates quoted bythe
Bank ofPortugal ."
Tobecompleted inthelight oftheoutcome ofthenegotiations .
2This adaptation ,theneed forwhich became apparent inthecourse ofthe
examination oftheacts relating toeconomic andfinancial affairs ,will
bedealt with intheframework oftheadaptations tobemade totheacts
relatirtg tosocial affairs .

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

-12- Annex II
/
C.Adaptations ofatransitional nature which arerequired irrespective of
anyperiod laid down bywayofderogation forthepurpose ofdeferring
theimplementation orapplication ofcertain acts (cf.list specified
inArticle 133ofthe1972 ActofAccession andAnnex VIItothat Act)
Thetransitional adaptations specified below should bemade tothe
following acts :
1.Council Regulation (EEC)No397/75of17February 1975 concerning Community
lo.ino .
(OJNoL46,20.2.1975 ,P-0
/asamended bytheActofAccession ofGreece of28May1979
(Annex I,Section VII ,point 3}/
"Portugal shall notsubscribe toguarantees forloans made bytheCommunity
prior toPortugal 'saccession andtheguarantees setinpercentage terms for
thepresent Member States atthetime such loans were made shall remain
unchanged .w
2.Council Regulation (EEC)NO398/75of17February 1975 implementing Regulation
(EEC)No397/75concerning Community loans .
(OJNoL46,20.2.1975 ,p.3)
/asamended bytheAct ofAccession ofGreece .of23May1979 k
(Annex I,Section VII ,point 4)J
"Portugal shall notbeobliged toprovide foreign exchange necessary to
guarantee theservicing ofloans made bytheCommunity prior toPortugal 's
accession .w