ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(82)16
Vol.1982/0010

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COMMISSION
OFTHE
PIIRfiPFANCOMMUNITIES
r.o„„r„l^rr.lnrlnlCOM(82)16 final
Brussels,28January1982
FOROFFICIAL USEONLY
NEGOTIATIONS FORTHEACCESSION OFSPAIN
Proposals
concerningtheapplicationofcertainactsofCommunitysecondary
legislationrelatingtotheeconomicandfinancialrules
(Commission Communication totheCouncil ,
COM(R?l final

INTRODUCTION
AstheCommissionstatedinitscommunication of12May1980oneconomic
andfinancialaffairs,itwasfoundinthecourseofexaminingactsin
thisfieldthatsomeoftheactsinquestionposedsubstantiveproblems
andshouldthereforebediscussedinthenegotiations#
Theissuesinvolvedwere:
(i)theinclusionofthepesetaintheECU}
(ii)creditfacilities.
Initscommunication theCommissionhadproposedbasicguidelinesfor
solutionstotheseproblems.
Giventhesimilarityofapproachthathasbeenafeatureoftheexchange
ofstatementsbetweentheCommunityandSpain,theCommissionconsiders
thatitisabletopresentproposalsforcompletingthenegotiations in
thecontextoftheacquiscommunautaire asitstandsatpresent.
80)263final

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1.InclusionofthepesetaintheECU
Initsstatementatthe6thmeetingoftheConferenceatDeputylevel
on6June198o\theCommunityDelegationexpressedtheviewthatthe
pesetawouldinduecoursehaveto"beincludedintheECUowingtothe
variousfunctionsoftheECUinCommunitymechanisms#
TheCommunityhadreservedtheright,however,tospecifyatalater
stageitspositiononthepraoticalarrangements forsuchinclusion.
Butitalsostatedthatthesearrangements shouldbedevisedsoasto
avoidtheproblems,especiallyofatechnicalnature,whichwouldarise
ifthecurrenciesofeachofthenewMemberStatesoftheCommunitywere
includedatdifferentdates.
Atthe7thmeetingoftheConferenceatDeputylevelon23June1980,
theSpanishDelegationagreedwiththeCommunitystatementbutasked
forfurtherdetailsonthetechnicalreasonsfortheCommunity's
preferenceforsimultaneous inclusionofthecurrenciesofthenew
MemberStatesintheECU.Thetwodelegations confirmedtheirpositions
inMayandJune1981^.
InaccordancewiththewishexpressedbytheSpanishDelegation,the
Commissiondepartments havebeenincontactwithSpanishexpertsin
ordertoprovidethemwithalltheadditionalinformationtheywished
tohave.
1C0HF-E/28/80.
2C0NF-E/35/8°«
^CONF-E/42/81andCOKF-E/48/8I.

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Commission proposal
Inline with theview exoressed initscommunication ofthe Council
1of12May1980 oneconomic andfinancial affairs ,the
Commission proposes that thepeseta beincluded assoon asthe
weightings ofthecurrencies making uptheECUareadjusted pursuant to
theprocedures andunder conditions laid down intheresolution ofthe
European Council of5December 1978 ontheEuropean Monetary System .
Inanyevent ,thepeseta should beincluded 5years after thedate
ofSDain 'saccession ,atthe latest .
2.Participation bySpain incredit facilities ;medium-term financial
2 3assistance and short-term monetary support
Initsstatement of6June 1980^,theCommunity informed theSpanish
Delegation that Spain would beable tobenefit asfrom accession from
medium-term financial assistance and short-term monetary support ,but
pointed outthat Spain 'sparticipation inthese twofacilities was
independent ofitsparticipation intheEuropean Monetary System .
TheCommunity also stated that thequotas tobeallocated toSpain and
theamounts corresponding tothese quotas would have tobeestablished
atalater stage inthenegotiations .
1C0M(80)263 final .
Council Decision J1/143/EEGof22March 1971 setting upmachinery for
medium-term financial assistance ,taking into account theamendments
made byArticle 29oftheActofAccession of22January 1972 ,Article 21oftheActofAccession of28May1979 andCouncil Decision 75/785/EEC
of18December 1975 ,78/49/EECof19December 1977and78/1041/EECof
21December 1978 .
^Agreement of3February 1970setting upasystem ofshort-term monetary
support among thecentral banks oftheMember States oftheEuropean
Economic Community ,aslastamended on13March 1979and9December 1980 .
COHF-E /28/80.

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TheSpanish .Delegation indicated itsagreement with theCommunity position
initsstatement presented on23June 1980 atthe7thmeeting ofthe
Conference atDeputy level ^".
TheCommunity andSpain confirmed their agreement atthe13th and14th
2meetings respectively oftheConference atDeputy level •
Inaddition ,inJuly 1981 theCommission departments held technical
discussions with Spanish experts toprovide technical explanations
requested bytheSpanish side .
TheCommission isnowable tostate itsposition ,therefore ,with regard
tothetwocredit facility systems .
Commission proposals
(a)Medium-term financial assistance
Inestablishing Spain 'squota theCommission took into account various
indicators ,mainly ofaneconomic nature :GDP ,IMPquota ,exports and
other current transfers toOECD countries ,andpopulation .
These factors would seem tojustify allocating toSpain aquota amounting
tooneandaquarter times thequota setfortheNetherlands orBelgium -
Luxembourg ,forexample ,that is8.26%inaCommunity ofEleven and8.13$
inaCommunity ofTwelve ;thecredit ceiling would be1295million ECU.
TheMonetary Committee wasconsulted bytheCommission andagreed tothese
figures on16November 1981 .
TheCommission proposes that thecredit ceilings fortheMember States
should beasfollows :
CONP-E /35/8I.
2C0NF-E /42/8landCOÏJF-E /48/81

(i)InaCommunityofElevens
MillionECU
Germany 3105
France 3105
UnitedKingdom 3105
Italy 2070
Belgium 1000
Luxembourg 35
Netherlands 1035
Denmark 465
Ireland 180
Greece 270
Spain 1295
Total 14630
(ii)InaCommunityofTwelves
Million ECU
Germany 3IO5
Prance 3105
UnitedKingdom 3105
Italy 2070
Belgium 1000
Luxembourg 35
Netherlands 1035
Denmark 465
Ireland 180
Greece 270
Portugal260
Spain1295%oftotal
19.82
19.82
19.82
13.22
6.38
0.23
6.61
2.97
1.15
1.72
8.26
100
iooftotal
19.50
19.50
19.50
13.00
6.26
0.22
6.5C
2.92
1.13
1.69
1.63
8.13
Total 15925 10C

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(b)Short–terramonetarysupport
InestablishingSpain'squotasforshort-termmonetarysupportthe
Commissionusedthesamecriteriaandprinciplesasformedium–term
financialassistance.
Onthebasisofthesefactors,Spain'squota,asinthecaseofmedium-term
financialassistance,wouldamounttooneandaquartertimesthequotafor
theNetherlandsorBelgium–Luxembourg,thatis8.26$inaCommunityof
Elevenand8.13/&inaCommunityofTwelve;thedebtorquotawouldbe
725millionECUandthecreditorquota1450millionECU.
TheCommitteeofGovernorswasconsultedbytheCommissionandon
8December1981recordeditsfinalagreementonthefiguresgivenbelow,
clarifyingtheuseofthedebtorandcreditorrallongestobeappliedto
thecentralbanksofCommunitycountrieswhichdonotparticipateinthe
EMSexchangeratemechanism.
WhentherulesfortheoperationoftheEMSwereestablished ,anagreement
wasconcludedwherebydebtorandcreditorrallongestobeappliedto
centralbanksnotparticipating intheEMSexchangeratemechanismshould
belimitedto3600millionECU.
PursuanttoArticle11(4)oftheAgreementestablishingtheshort-term
monetarysupportsystem,anycreditgrantedtoaspecificcentralbank
undertherallongearrangements maynot,asageneralrule,exceedhalf
ofthetotalamountofdebtorrallonges.ShouldSpainnotparticipate
intheEMS,itsmaximumdrawingpotentialwouldbe2525millionECU.
Consequently,theCommissionproposesthattheamountsofquotasunder
theshort-termmonetarysupportsystemshouldbeasfollows:

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(i)InaCommunityofEleven:
CreditorquotaDebtorquota
Germany 3480 174019.83
Prance 3480 174019.83
UnitedKingdom 3480 174019.83
Italy 2320 116013.22
Belgium )1160 58O6.61
Luxembourg )
Netherlands 1160 58O6.61
Denmark 520 2602.96
Ireland 200 100I.14
Greece 300 1501.71
Spain 1450 7258.26
TOTAL 17550 8775100
InaCommunityofTwelve:
CreditorquotaDebtorquotat
Germany 3480 1740 *19.51
Prance 348O 174019.51
UnitedKingdom 3480 1740I9.5I
Italy 2320 116013.00
Belgium )1160 58O6.5O
Luxembourg J
Netherlands 1I6O 58O6.5O
Denmark 52O 2602.91
Ireland 200 100 1.12
Greece 300 1501.68
Portugal 290 1451.63
Spain1450 7258.13
TOTAL 17840 8920100