27. 9. 82 Official Journal of the European Communities No C 252/31 
APPENDIX 
to the opinion of the Economic and Social Committee 
Rejected amendment 
The following amendment, tabled in accordance with the Rules of Procedure, was defeated during the 
discussion. 
Page 2 
Delete 2.3. 
Reason 
The substances listed in 2.2 do not fall within the draft Directive. They are merely referred to in the 
explanatory memorandum with details of how they are to be dealt with later. The Commission is always at 
liberty to remove a substance from Annex 3 of the draft Directive. There is therefore no need for a review 
clause. 
Voting 
For: 12, Against: 51, Abstentions: 5. 
Opinion on the economic situation in the Community (mid-1982) 
The text referred to the Committee has not yet been published in the Official Journal of the 
European Communities. 
A. LEGAL BASIS FOR THE OPINION 
The Council Decision of 18 February 1974 on the attainment of a high degree of convergence of 
the economic policies of the Member States of the European Community. 
B. OPINION OF THE ECONOMIC AND SOCIAL COMMITTEE 
The Economic and Social Committee prepared its opinion on the above matter at its 199th 
plenary session held in Brussels on 30 June and 1 July 1982. 
The full text of the opinion is as follows: 
THE ECONOMIC AND SOCIAL COMMITTEE, 
Having regard to the Treaty establishing the European 
Economic Community, and in particular Article 198 
thereof, 
Having regard to the resolution of the Council and 
representatives of the governments of the Member States 
on 22 March 1971 concerning the realization by stages of 
economic and monetary union in the Community, 
Having regard to the Council Decision of 18 February 
1974 on the attainment of a high degree of convergence of 
the economic policies of the Member States of the 
European Community, Having regard to its opinion of 25 November 1981 on the 
Annual Economic Report 1981 - 82 i1), 
Having regard to the decision taken by its Bureau on 27 
May 1980, instructing the Section for Economic and 
Financial Questions to draw up an own-initiative opinion 
on the economic situation in the Community in the 
second quarter of each year, this opinion to be 
accompanied by a report on the economic situation in the 
Member State currently holding the Presidency of the 
Council, 
Having regard to the discussions at the meeting of the 
Section for Economic and Financial Questions on 15 June 
('.) OJ No C 348, 31. 12. 1981, p. 10. 
No C 252/32 Official Journal of the 
1982, the report drawn up by the rapporteur, Mr 
Loccufier, and the additional report appended thereto on 
the economic situation in Belgium, drawn up on 10 May 
1982, 
Having regard to the discussions during the 199th plenary 
session, held on 30 June and 1 July 1982, 
HAS ADOPTED THE FOLLOWING OPINION 
by 74 votes to 8, with 18 abstentions: 
1. Introduction 
The deteriorating economic position in the European 
Community has been marked by two unfortunate 
features: it has seen a serious deterioration in Europe's 
international competitiveness, which shows no sign of 
being reversed, and a considerable exacerbation of 
European social problems. 
This demonstrates very clearly how closely economic and 
social problems are intertwined. The opinions to be 
prepared on social developments and the economic 
situation in the Community in mid-1982 will thus 
complement each other and should be regarded as an 
integral statement of the Committee's views -
particularly with an eye to the next joint meeting at the 
Council when Social Affairs Ministers and Economic and 
Finance Ministers will discuss economic, social and 
general political matters. 
2. Analysis of the situation in 1982 and outlook for 
1983 
2.1. After on 0-5% drop in real gross domestic 
product (GDP) in 1981, the Commission expects 1-4% 
real growth in GDP in 1982. Growth should accelerate in 
the course of 1982, and a figure of 1-7 % is forecast for 
the second half of the year. 
2.2. Aggregate demand components in 1982, 
however, will contribute little to growth. Private 
consumption will be practically stationary ( + 0-5%). 
Government consumption will rise by 1-2%. Investment 
will decline by an average of 1-3% over the full year 
although the Commission anticipates an upsurge in 
investment in the second half of the year. 
2.3. The key factors in the generation of real growth 
in 1982 will be stockbuilding as well as the balance on 
current account: the increase in stocks is expected by the 
Commission to contribute to a 0-8% rise in GDP and 
Community exports should increase significantly faster 
than imports. 
The average rise in prices in the Community will decrease 
slightly in 1982, slipping back from 11-4% (1981) to 
10-3% (1982). uropean Communities 27. 9. 82 
After a reduction from $ 37 400 million (1980) to 
$ 15 500 million (1981), the Community's 
balance-of-payments deficit will be cut further to $ 9 300 
million (1982). The trade balance will move out of the red 
again. The terms of trade will change in the Community's 
favour. 
2.4. There will be a 1 % increase in the potential 
working population in 1982, partly as a result of 
demographic trends. Productivity will go up by 2%. 
Since output is expected to increase by only 1-4%, a 
further rise in unemployment to 9* 1 %, or over 10 million 
persons, is to be reckoned with. This rise in the rate of 
unemployment should, however, fall off somewhat in the 
second,half of the year. 
2.5. The Commission expects the pace of economic 
growth to pick up slightly in 1983. Investment in 
particular should be livelier than in 1981 and 1982. 
Nevertheless, the increase in the rate of economic growth 
will not be sufficient to offset the increase in the potential 
working population (unemployment rate at 9-3 % in 
1983) so that the European dole queue will grow even 
longer. 
3. Economic policy problems in mid-1982 
3.1. The above analysis of the situation shows clearly 
the economic and social difficulties the Community is 
facing. All economic forecasts are fraught with 
uncertainty. In other words it is by no means certain that 
there will be a surge in economic growth even in 1983. 
There is therefore no reason at all for expecting and 
believing that the economic upswing will occur 
automatically. Vigorous economic policies are therefore 
required from both Member States and the 
Community. 
3.2. The following are obstacles to economic 
development: 
— Moderate economic growth; the necessary 
investments, which should guarantee an additional 
source of supplies, do not seem to be materializing. 
— As a result of the sluggish pace of structural change, 
competitiveness remains a problem in various 
countries. 
— This situation gives rise to nations reacting by, for 
example, providing subsidies for certain industries or 
engaging in protectionism, even though the latter is 
incompatible with both international and 
Community agreements. 
— In addition to the factors already mentioned, the cost 
of imported energy remains an important element in 
balance-of-payments deficits, despite the temporary 
decline in the price of oil. 
— Internally-generated funds have declined alarmingly 
although a solid, self-financing capital base is vitally 
necessary because it determines creditworthiness -
and more especially the creditworthiness of the large 
number of small and medium firms in the 
economy. 
27. 9. 82 Official Journal of the European Communities No C 252/33 
— No less important is the state of public finances in 
some Member States. The public debt and the debt 
burden have risen very steeply in some countries. It is 
not easy to change the structure of public spending 
since much additional expenditure has been needed to 
provide substitute incomes, including unemployment 
benefit. 
— The wide variations in inflation rates in Europe have 
led to nervousness on the exchange markets; as a 
result two parity adjustments have already had to be 
made this year. 
— This economic situation, viz. limited growth and the 
changes taking place in industry, are having the 
familiar effects on employment. To this should be 
added the fact that it is difficult to find jobs for young 
people. 
— The high level of interest rates reduces the propensity 
to invest, increases the debt burden of firms, 
households and the governments. Risk capital is also 
frequently attracted by the governments - in many 
cases in competition with firms. 
4. Positive economic policies in the Member States 
4.1. Economic policy guidelines 
4.1.1. Given the economic and social situation 
described above, a clear will to adopt measures to combat 
unemployment and stimulate the necessary investment 
has begun to manifest itself in some Member States. 
Concrete measures or plans have been adopted in some 
countries of the EEC but it is not yet possible to assess 
their impact on the economy and the labour market. 
4.1.2. The Economic and Social Committee believes 
that economic policies should seek to ensure that both the 
supply and the demand situation make possible an 
economic upswing and a reduction in unemployment. 
In practical terms this means pursuing a policy of 
gradually trying to bring down inflation, but above all 
seeking to reduce unemployment levels and revive overall 
demand, especially investments. 
4.1.3. Although due account has to be taken of the 
need for a competitive economy, stable public finances 
and moderate incomes, Member States must not be 
allowed to engage in competitive reductions in incomes. 
Such action could have real and cumulative deflationary 
consequences at international level. 
4.1.4. Economic and social policy problems can best 
be solved if all the groups participating in the economic 
process support a macro-economically sound policy. 
Here reference should be made again to the Committee's 
opinion on the economic situation in the Community in mid-1981 (*), in which stress was laid on the need for a 
dialogue between the social partners. Where this dialogue 
has broken down, it should be restored as a matter of 
urgency. 
4.2. Employment policy 
Various Member States have recently launched an active 
policy in the shape of 'jobs plans' aimed at boosting 
employment. A number of governments have taken 
measures for the employment of people in the public 
sector and in industry. Some governments have also made 
changes in working time or are to do so shortly. 
The government job-creation schemes which have been 
proposed or have already been decided on will entail 
additional public expenditure but, even from a purely 
economic point of view (2), unemployment results in 
considerable costs for the public authorities on account of 
the loss of revenue from income tax, social security 
contributions and other taxes (on consumer goods) and 
the need to provide unemployment benefit and other 
additional social assistance. 
4.3. Investment policy 
4.3.1. The government of the Member States must 
create the basic conditions which will encourage 
investment, with the emphasis on new job-creating 
investment in growth areas. So far investment has not 
been sufficient to eliminate unemployment. For this very 
reason the various government plans incorporate 
incentives for additional investment. The positive effects 
of such a policy should make themselves felt in the 
short-term; really significant results, however, will only 
be forthcoming when there is increasing faith in the 
economic upturn. This business confidence is a decisive 
factor in economic activity. Public-sector investment, 
though necessary in certain areas, cannot alone make up 
for the decline in business confidence. 
4.3.2. New investments involve new technologies. In 
this connection special attention should be devoted to two 
important problems: 
— the introduction of new technologies requires the 
availability of highly skilled manpower, which can be 
achieved by the retraining or advanced training of 
existing personnel or by a flow of new highly-trained 
manpower on to the market. This will mean training 
programmes, especially for employees in small and 
(') OJ No C 230, 10. 9. 1981, p. 62. 
(2) For the social point of view see the opinion on social 
developments (page 39 of this Official Journal). 
No C 252/34 Official Journal of the European Communities 27. 9. 82 
medium-sized enterprises which have no facilities of 
their own for further training; 
— the stimulation of programmes of fundamental and 
applied research so that the Member States can draw 
on their own advanced technology. Small and 
medium-sized enterprises should be provided with 
readier access to research findings through the 
creation of technology advisory centres. 
4.4. Public-sector deficits 
4.4.1. Because of tight public finances some Member 
States still have little scope for influencing the business 
cycle. 
4.4.2. Some countries are reducing taxation in order 
to stimulate trade and industry. Certain elements of the 
policies pursued in Member States have so far made it 
impossible to stabilize public finances and re-establish 
budget equilibrium. The scope for cyclical measures by 
the public authorities has therefore shrunk. Here too, 
however, there are differences between the Member 
States. In some Member States the public debt has 
reached such a level that a further rise is impossible, 
whereas other Member States could still give further 
impetus to the economic upturn through public spending, 
provided such spending entails productive investments 
and the creation of new jobs. The situation is made even 
more difficult because the possibilities for intervening in 
interest rates remain limited. 
4.4.3. Although public finances will inevitably have 
to be consolidated in the medium-term, short-term 
economies by the public authorities must not be allowed 
to reinforce deflationary factors. This is particularly 
pertinent since economy measures may be outweighed by 
the resultant decline in incomes and output, leading to a 
loss of tax revenue, so that the public-sector deficit 
continues to grow despite, and even because of, the 
economies. 
4.5 Sectoral problems 
The restructuring of industries such as the iron and steel, 
textile and paper industries has remained a focus of 
concern in the Member States. Some countries, however, 
have already taken steps to improve the situation in these 
sectors. One of the major problems remains the high level 
of interest rates, which affects the housing sector in 
particular. Some Member States have already introduced 
tax measures to promote house building. Incentives for 
energy conservation investments in industry and the 
housing sector - as well as urban renewal - can likewise 
help to stabilize the construction industry. 5. The economic policy of the Community 
5.1. General guidelines 
5.1.1. Because of the seriousness of the economic and 
social situation, the Community has to react rapidly and 
effectively. It is clear that it must also do so because the 
political room for manoeuvre of individual Member 
States is limited and Member States cannot solve their 
problems in isolation. Collective solutions can sometimes 
be found at European level or else they emerge from 
commitments entered into under the Treaty of Rome and 
the decisions deriving therefrom. 
5.1.2. The Community's role in such an economic 
policy is to coordinate and align national economic and 
social policies. It must prevent the economic policy 
measures of the different Member States from clashing or 
even cancelling each other out. 
5.2. Special problems facing the Community 
5.2.1. Consolidating and extending the 
common market 
Efforts to make full use of the economic opportunities 
offered by the Community's extensive domestic market 
must not be relaxed. The tendency to resort to 
protectionist measures to resolve national economic 
problems must be resisted. Every effort must therefore be 
made to remove the outstanding technical barriers to 
trade and differences in fiscal conditions in order to align 
conditions of competition between undertakings on the 
domestic market. 
Although considerable success has been achieved with the 
integration of the market in goods since the Community 
was set up, no major progress has been made in the 
services sphere. In the transport, insurance and banking 
sectors, efforts will therefore have to be stepped up to 
establish a single Community domestic market. 
As regards the international situation, attention must 
again be drawn to the increasing protectionism in world 
trade which is considerably hampering this trade. The 
Committee is against such a development and trusts that 
negotiations will be carried out under GATT or in other 
bodies to reduce these trade barriers. 
The realization of the common market in goods and 
services and the coordination of national economic 
policies with a view to making them convergent, must go 
hand in hand with the coordination of monetary, policy. 
The parity adjustments of the past few months have 
shown clearly the urgent need for an expansion of the 
27. 9. 82 Official Journal of the European Communities No C 252/35 
European Monetary System and, in parallel with this, 
greater economic coordination. This was made clear in 
the Committee's opinion on the extension of the EMS of 
29 April 1982 (CES 390/82). 
5.2.2. Su b sidization policy 
Very special importance attaches to the subisidies paid by 
Member States for the temporary or permanent support 
of certain sectors or groups. It is clear that any kind of 
subsidy can be justified under national policy. Subsidies 
must, however, conform to the rules laid down in the 
Treaties. Articles 92 et seq. of the EEC Treaty stipulate 
certain conditions for national subsidies. 
Subsidies, which can take the form of direct grants, tax 
relief and loans at reduced interest rates, serve to: 
— safeguard or create jobs, 
— stimulate investment (either for new production or for 
the restructuring of industries), 
— promote innovation, 
— make possible new technologies in old sectors and 
particularly in growth sectors, 
— encourage energy conservation investments. 
The Committee considers that such subsidies may be 
warranted if they are temporary and taper off over time. 
The subsidization policies of the individual Member 
States must not, however, lead to a situation where 
subsidies maintain or create jobs or serve the other 
purposes mentioned above in one State but endanger jobs 
or harm the competitive position of firms in others. The 
subsidization policies of the Member States must 
therefore be coordinated by the Council in line with the 
rules laid down in the Treaties. When examining national 
subsidies in pursuance of Articles 92 etseq. of the Treaty 
of Rome, the Commission should consider whether all the 
objectives of a coordinated economic and industrial 
policy are being achieved by the subsidization policies 
operated by the Member States concerned. The 
Commission's findings, together with the measures which 
it takes under Articles 92 et seq., could be communicated 
to the Council of Ministers for Economic and Financial 
Affairs, which was made responsible for the coordination 
of policies in these fields by the decision on convergence 
taken in 1974. At its regular meetings the Council should 
assess the extent of the positive or negative influence on 
the convergence of Member States' and Community 
economic policies brought to bear by particular 
measures. 
A distinction should be made between national subsidies 
and Community measures. Community assistance, such 
as that provided by the Regional and Social Funds or that 
given to promote research, has already been coordinated 
at Community level and serves Community objectives. 5.2.3. Small and medium-sized 
enterprises 
The economic crisis and the high interest rates are 
weighing particularly heavily on small and medium-sized 
enterprises (*) as indicated by the increasing number of 
bankruptcies and closures. These developments not only 
strengthen the trend towards the unnecessary 
concentration of economic activites, a trend which must 
be counteracted in a market economy, but they also bring 
about a further increase in unemployment. 
The Economic and Social Committee therefore believes 
that it is the duty of the Community and the Member 
States, acting within the framework of the rules governing 
competition (e.g. Articles 92 et seq. of the Treaty of 
Rome) to provide support for existing small and 
medium-sized enterprises and to encourage the 
establishment of, in particular, new small businesses 
whatever their legal form (individual enterprise, 
manufacturing cooperatives, etc.). To this end the 
Community and the Member States should: 
— help with the procurement of risk capital and external 
finance by means of interest subsidies and loan 
guarantees, 
— make new technology and research findings available 
for new products by setting up regional advisory 
centres to publicize innovations, 
— set up a data bank (e.g. INSIS) to achieve the 
abovementioned aim and also to provide better 
information about private and public invitations to 
tender, 
— provide management training facilities and advanced 
training facilities for workers at interplant centres. 
The Community and the Member States should lay down 
more powerful measures to restore SMEs in a critical sales 
or financial situation to viability. In this connection, 
consideration should be given to the possibility of turning 
such enterprises into production cooperatives. 
5.3. Economic policy measures to be taken at 
Community level 
5.3.1. The aim of economic and finance policy is to 
safeguard and create jobs and improve domestic and 
external competitiveness. 
The Community policy recommendations set out by the 
Committee in its opinion on the economic situation in the 
Community in mid-1981 (2) remain valid. 
(') See Committee opinion (OJ No C 205, 9. 8. 1982, p. 16). 
(2) OJ No C 230, 10. 9. 1981, p. 62. 
No C 252/36 Official Journal of the European Communities 27. 9. 82 
5.3.2. Community policy may avail itself of: 
— measures already put to the test or in preparation in 
individual Member States, 
— the instruments available for immediate application in 
the Community. 
These steps must be taken in accordance with the 1974 
Council Decisions on the convergence of economic 
policy (a). It is recognized that individual Member States 
cannot overcome the problems of high unemployment 
and lack of growth by themselves. In order to enhance its 
credibility the Community must therefore adopt the 
following programme of immediate action: increased 
investment within the framework of a Community 
industrial policy and social policy measures to help 
improve the economic and social situation. 
5.3.3. The Community's economic and social policy 
should therefore take the following form: 
5.3.3.1. Measures to combat unemployment 
The Community should approve and support the 
measures taken by a number of Member States with a 
view to pursuing an active employment policy. There is 
thus a need to: 
— speed-up the measures recommended by the 
Committee in connection with the coordination of 
Labour market instruments (2), 
— apply coordinated direct or indirect stimuli to growth 
sectors. Aid for problem sectors (the Committee has 
already commented on these in separate opinions on 
the construction, textiles and paper industries) must 
further the aim of restructuring these sectors. These 
subsidies must be in line with the requirements 
outlined above. 
— in the case of the construction industry (a 
labour-intensive sector) the Community must not 
only coordinate the latest measures adopted by some 
Member States (such as interest-rate subsidies for 
house-building loans and tax concessions) but also 
recommend them to the other Member States. 
— The studies of various economic sectors carried out 
hitherto by the Committee should be continued and 
could provide a basis for a further extension of the 
reports on the structures of Community industries. 
(') Council Decision of 18 February 1974 on the achievement of 
a high degree of convergence between the economic policies 
of the Member States of the Community (OJ No L 63, 
5. 3. 1974, p. 16). 
(2) See Committee opinion (OJ No C 112, 3. 5. 1982, p. 12). — The Committee notes that effective proposals have 
been put forward in various Member States for 
reducing working hours following a variety of 
procedures. It is essential that the measures which 
might be taken by the Community on this matter, and 
which are in any case necessary, are formulated in 
such a way as to respect the contractual procedures 
and practices currently observed by both sides of 
industry in the various Member States. 
— At the same time it is absolutely necessary for the 
Community to set out a political strategy for 
industrial policy. 
— The Community should adopt a measure whereby 
Member States guarantee that either training 
opportunities or jobs will be found for all young 
school leavers. 
5.3.3.2. Investment programmes 
There is a need to encourage the investment necessary for 
economic revival by: 
— speeding up Member States' energy-conservation 
programmes with the help of Community aid; 
— promoting investment programmes; 
— extending short-haul public transport, 
— building additional accommodation for rent, 
modernizing old accommodation and 
redeveloping dilapidated urban areas, 
— reconstructing and safeguarding the natural 
environment; 
— taking steps at international level to reduce interest 
rates; 
— incorporating technological renewal programmes 
into EC industrial policy strategy on the basis of the 
findings of the scientific research programmes 
implemented or coordinated by the Community. 
Small and medium-sized enterprises should be 
covered here too. Innovation advice centres should 
provide SMEs in particular with an up-to-date 
overview of new technologies and help them with the 
innovative introduction of these technologies; 
— The Community should coordinate and support with 
its own funds Member States' investment and research 
programmes which serve in particular to improve the 
economic and social infrastructure of the job-creating 
growth sectors. In other words, one must prevent 
national measures from clashing and cancelling each 
other out, and thus wasting public funds, without any 
overall reduction in unemployment. 
5.3.3.3. Investment finance 
Member States must adopt a joint approach to the 
financing of investment. At both national and 
27. 9. 82 Official Journal of the European Communities No C 252/37 
Community level consideration should be given to 
employing all the resources of the capital market and any 
new forms of financing. The Commission should 
coordinate and make immediate use of the funds available 
from the Community budget, loans and the European 
Investment Bank. In other words, therefore, there should 
be coordinated and purposeful deployment of 
Community instruments in support of national measures 
for the promotion of investment and employment. 
Expansion and selective use of the New Community 
Instrument (NCI) can make a contribution to this. The 
Committee therefore reaffirms its opinion on the 
NCIO). 
In this connection the Committee welcomes the 
Commission's proposal applying for the first time the 
decision empowering the Commission to raise loans for 
the purpose of promoting investment within the 
Community. 
(') OJNoC 138, 9. 6. 1981, p. 11. 
Done at Brussels, 1 July 1982. The loans issued by the Community for the promotion of 
investment should be devoted not only to public 
infrastructure projects - in particular the rational use of 
energy - but also to investment in industry and 
agricultural infrastructure. Here special account should 
be taken of SMEs, which are important for the 
restructuring of production. 
The Committee thinks that EIB loans should be 
coordinated and linked with loans made out of funds 
raised through the New Community Instrument. 
The other Community financial instruments should also 
help to bring about a marked revitalization of investment. 
This is desirable and feasible within the terms of reference 
of the Regional Fund, the Social Fund and the 
Agricultural Guidance and Guarantee Fund (Guidance 
Section) in particular. Given the scale of the 
unemployment problem, the funds are inadequately 
endowed. The Regional and Social Funds should 
therefore be increased substantially, as the European 
Parliament has advocated. 
The Chairman 
of the 
Economic and Social Committee 
Tomas ROSEINGRAVE 
APPENDIX 
to the opinion of the Economic and Social Committee 
Defeated amendments 
The following proposals for amendments submitted in accordance with the Rules of Procedure were 
rejected by the Committee in the course of the discussions: 
Page 6, point 4.1.3 
Reword to read: 
'In recent years, real wages have risen much more sharply than the real yield on capital. It is therefore 
necessary to pursue an active incomes policy in order to restore the international competitiveness of the 
Community's industries.' 
Reason 
Self-explanatory. 
No C 252/38 Official Journal of the European Communities 27. 9. 82 
Voting 
For: 13, Against: 55, Abstentions: 17. 
Page 11 
Replace the third paragraph by the following: 
'During the three-and-a-half-year period in which the EMS has been in operation there have been six 
realignments within the system, involving 14 revaluations or devaluations of national currencies. 
Trade and industry is hardly receiving the protection against exchange rate risks which it was promised 
when one considers that, for example, the Bfr has fallen 18-25 % against the Fl in nine months. 
The Community authorities should concentrate on measures to reinforce economic and institutional 
coordination. Here further foundations must be laid before any extension of monetary arrangements 
could be useful'. 
Reasons 
The Section expresses satisfaction with the EMS's operation and calls for an extension of monetary 
arrangements in the third paragraph on page 11 of its opinion. 
However, recent developments in the monetary field in particular give cause for a more critical 
attitude. 
It would appear necessary: 
(a) to attract attention to the cumulative effect of the realignments that have taken place since the EMS 
came into operation; 
(b) to emphasize once again the need to reinforce economic and institutional coordination. 
Voting 
For: 14, Against: 53, Abstentions: 19. 
Page 17, heading 5.3.3.2 'Investment programmes' 
Insert the following text immediately after the Chapter heading: 
'Since Member States have a greater chance of implementing a successful anti-cyclical policy if they act 
in unison at EEC level, the ESC considers that Member States should promote Community investment 
of the order of 1 % of GDP.' 
Reasons 
Everything in Europe militates in favour of concerted action to stimulate investment. The experiences of 
1978 - 1979 and calculations made inter alia by the OECD and the European Commission show that a 
properly coordinated spur to investment activity (in all countries at the same time) can lead to very positive 
results in terms of increased production and employment. The overall effect is double what it would be if 
each Member State acted independently. 
Voting 
For: 38, Against: 58, Abstentions: 5.