NoC352/36 OfficialJournaloftheEuropeanCommunities 30.12.93
OpinionontheAnnualEconomicReportfor1993
93/C352/10)
On18February1993theCouncildecidedtoconsulttheEconomicandSocialCommittee,
inaccordancewithCouncilDecision90/141/EECof12March1990ontheattainmentof
progressiveconvergenceofeconomicpoliciesandperformanceduringStageOneofEconomic
andMonetaryUnion,ontheAnnualeconomicreportfor1993.
TheEconomicandSocialCommitteeadopteditsOpinionatits303rdPlenarySession
(meetingof24February1993).
On23February1993theCommitteeBureauinstructedtheCommitteetodrawupan
AdditionalOpinion.
TheSectionforEconomic,FinancialandMonetaryQuestions,whichwasresponsiblefor
preparingtheCommittee'sworkonthesubject,adopteditsOpinionon5October1993.
TheRapporteurwasMrVascoCal.
Atits309thPlenarySession(meetingof20October1993)theEconomicandSocialCommittee
adoptedthefollowingOpinionbyalargemajorityvotewithfourdissentingvotesandten
abstentions .
PRELIMINARY NOTE
ThepresentOpinionsupplementstheCommittee'sear­
lierconsiderations ontheworseningeconomicsituation
withintheEC(1).EmploymentintheEC,whichremainedstablein1991
andfellby1.3%in1992,isexpectedtodeclineby
almost2%in1993,thesharpestdropintheEC's
history.Afterrisingbyanannual1.5%between1985
and1990,employmenthasdroppedbyaround1.1%
peryearbetween1991and1993.
1.Introduction 1.3.GrossfixedcapitalformationintheCommunity
waslowerthanexpectedin1992andtheforecastannual
variationfor1993hasalsobeenreviseddownwards
sinceFebruary,from—0.3%to—1.9%.
Theforecastforinvestmentinequipmentin1993is
particularlybleak,showinganannualvariationof-3.5%.1.1.TheECeconomicsituationhasdeterioratedsig­
nificantlysincetheCommissionpublishedits1993
annualeconomicreportearlythisyear.Asusual,the
recoverywasthenexpectedtobegininthesecondhalf
oftheyear.TheCommission'slatestforecasts,issued
on16June,maketheprojectionofarecoveryfrom
mid-1994onwardsconditionalontheemergenceof
certainfactors.TheCommissionalsoacknowledges
thatthesizeofthesuccessiverevisionsofGDPgrowth
in1993fromthe2.5%projectedinJuneoflastyear
tothepresentfigureof—0.4%measuresthedramatic
speedofthechangeintheoutlookfortheECeconomy
(RecenteconomictrendsNo.6/7,June/July1993).
1.2.InFebruary,unemployment wasforecastto
reach11.5%in1994.TheJuneforecastsuggeststhat
thisfigurewillnowbereachedin1993,exceeding
thepreviousrecordof10.8%whichwassetin1985.
Unemployment isexpectedtocontinuetorisethrough­
out1994,reachingthe12%markinmid-1994.The
1994forecastsfortheUnitedStatesandJapanare6%
and2.5%respectively .1.4.Inflation—longthedeclaredpriorityofecon­
omicpolicy—isexpectedtoremainaroundthe4to
4.5%markthisyear(expressedintermsofthedeflator
ofprivateconsumption).Thisissignificantlyhigher
thanintheUnitedStatesorJapan,andishigherthan
onewouldexpectinthepresentrecessionatatime
whenrealwageshaveremainedvirtuallystagnant.
1.5.Theforecastforthebalanceoncurrenttrans­
actionsin1993remainedunchangedbetweenFebruary
andJune,postingadeficitofover1%ofGDPforthe
Communityasawhole.
1.6.ThebudgetarysituationoftheMemberStates
lookssettoworsenthroughout1993.Theforecast
hasbeenreviseddownwardssinceFebruary,withthe
generalgovernmentnetborrowingrequirementexpect­
edtoincreaseto6.3%ofGDP(asopposedto5.1%
in1992and4.7%in1991).nESCOpinionontheAnnualEconomicReportfor1993(OJ
NoC108,19.4.1993).ESCOpiniononEmployment in
Europe(OJNoC161,14.6.1993).ESCResolutionaddressed
totheCopenhagenSummitonGrowthandEmploymentin
Europe(May1993).

30.12.93 OfficialJournaloftheEuropeanCommunities NoC352/37
recentyearshaveseenafallinECexports'world
marketshare,partlybecausetheinternalmarkethas
ledMemberStatestofocusonintra-ECtraderather
thanontradewiththirdcountries .1.7.TheCommissionforecastsrecoveryfrommid­
1994onwards,butmakesthissubjecttofourcon­
ditions:
1.afurtherdeclineininterestrates,especiallyshort­
termrates,
2.agradualpick-upinworldtrade,
3.animprovement inthecompetitivepositionofthe
ECasawhole,and
4.areboundinconsumerandbusinessconfidence .2.1,3,An'improvement inthecompetitiveposition
oftheECasawhole'isanotheroftheconditionswhich
theCommissionconsidersvitalforagradualrecovery
during1994,Analyseshithertohaveusuallytendedto
ignoretheeffectsofexchange-ratefluctuationsbetween
EuropeancurrenciesandtheUSdollarandJapanese
yen.TheOECDnotesthat'majorchangesinnominal
exchangerateshavetakenplaceoverrecentmonths,
withsignificanteffectsoncompetitiveness thatarelike­
lytoaffectmarket-share gainsandlossesoverthe
projectionperiod'(untiltheendof1994),Inthemean­
timetheOECDeconomieshavecontinuedtoconverge
onlowdomesticinflationrates.2.Generalcomments
2.1.Theconditionsforeconomicrecoveryasoutlined
bytheCommissionThemostrecentestimates,basedonthe1993exchange­
ratesituation,suggestthatlabourcostsinJapanese
manufacturing industryarehigherthanthoseinthe
EC,andthatthedifferencecomparedwiththeUS
shrankfrom26%in1992to15%in1993,
2.1.4.LastlytheCommissionmentionstheneedfor
greaterconsumerandbusinessconfidence,which
remainsatanall-timelowandshowsnosignof
improvement .2.1.1.Afterpeakingatanall-timehighinrealterms
inmid-1992,short-terminterestratesfellgradually
untiltheendofJuly1993whenthistrendwasbrought
toanabrupthalt.BoththeCommission'sandthe
OECD'searlierforecastshadassumedfurthercutsin
short-termrates,withtheOECDexpectingadropof
threepercentagepointsinGermany(fromaround8%
atthebeginningof1993toaround5%atthestartof
1994).TheCopenhagenSummit'sdebatesandcon­
clusionsconcerningthereductionofinterestrateshel­
pedtoimproveexchange-rate stabilityinitially,butthe
interruptionininterestratecutsgeneratedrenewed
speculationandtriggeredtheend-of-Julyexchange-rate
crisis.2.2.Somepointsconcerningspecificaspectsofthe
presentrecession
Thesolutionadoptedon2August,extendingtheERM
fluctuationmargins,maypavethewayforthebasic
measuresneededtoimprovecoordination between
MemberStates,therebyensuringfurthercoordinated
reductionsininterestrates.2.2.1.AstheCommitteenotedinitsOpiniononthe
economicsituationinearly1993(1),thederegulationof
thefinancialmarketswithoutpropermonitoringhas
ledtoapparentlyexcessiveasset-pricemovementsand
instancesofinstability.Thissituation,coupledwiththe
riseinhouseholdandcorporatedebts,hasmadeit
difficultformanufacturing industrytosecurecreditand
isdelayinganupturnincorporateinvestment .The
excessivedebtbequeathedbythe'excessesofthe1980s'
isoneofthefactorswhichwillcontinuetoaffectthe
paceofeconomicrecovery.AstheCommitteestressedinitsOpinionontheecon­
omicsituationatthebeginningof1993,adropin
interestratesisvitalfortheonsetofeconomicrecovery
andwillalsohavebeneficialeffectsonpublicdebt
burdens,onthecostofthenecessaryborrowing,and
onthefundingavailabletofirms.Thisalsoaccords
withtheOECDSecretariat'srecentcalculations .Apartfrominterest-ratecuts,measuresarealsoneeded
toallocatecapitalmoreefficientlyandproductivelyin
ordertochannelmorelendingtoproductiveinvest­
ment. 2.1.2.Worldtradehascontinuedtorisesteadilyover
thelastfewyearsdespitetherecession.Anincreasing
shareoftradeiscarriedoutbetweenestablishments
withinthesamegroupoffirms,andthistradeisclosely
accompanied bydirectforeigninvestment .TheCom­
missionexpectsworldtradetoriseby4.9%in1994
(upfrom3.8%in1993and4.8%in1992).However,(')Referenceinfootnote1.SeePoint3.8inparticular.

NoC352/38 OfficialJournaloftheEuropeanCommunities 30.12.93
tosticktoitstraditional'authorizedversion'ofevents
andthe'theoreticalprinciples'ofitssoundmanage­
ment,ratherthanimplementingtheguidelinessetout
bytheHeadsofStateandGovernmentortakingeffec­
tivestepstotacklethepresentrecession.Theliberalization andmodernization ofthefinancial
marketsisexposingnationaleconomiestonewand
unexpectedupheavals.Atatimewhenconsiderable
sumsofmoneyarebeingmovedrapidlyfromonepart
oftheglobetoanother,theEC'scentralbanksshould
respondtothechangesinexchangeratesorinterest
ratesbydevisingnewformsofcoordinationwitheach
otherinordertocontrolandlimittherisks.
Thereisnodenyingthattheeconomicpolicypursued
byvariousgovernmentshasaggravatedtherecession:
insteadoftakingadvantageofaperiodofstrongecon­
omicgrowth(evenstrongerthanpredicted)tocarry
outnecessarystructuralreformsandreducebudget
deficits,theypreferredtowoothevotersbyreducing
thetaxbaseandwideningsocialsecuritybenefits.This
hashelpedtodeepenthepresenteconomicandfinancial2.2.2.TheCommissionacknowledgesthatbusiness
confidenceisapreconditionforeconomicrecoveryand
forariseinproductiveinvestment.However,itdoes
notdistinguishbetweenthefactorsneededtoboost
consumerconfidence,businessconfidenceandconfi­
denceontheinternational financialmarkets.These
viewsecurityasthekeyfactorforinstitutionalinvestors
—themaindecision-makers onthefinancialmarkets.recession .
CloserinvolvementofthesocialpartnersinECecon­
omicandfinancialdecision-making —similartothat
alreadypractisedincertainMemberStates—willhelp
ensurethatthemeasuresadoptedtakedueaccountof
thesocialimplications .Oneofthemainfactorsbehindthehugedropincon­
sumerconfidenceistherapidriseinunemployment ,
andinparticulartheincreaseinlay-offs.AstheCom­
mitteenotedinitsOpiniononemploymentinEurope(!)
(CES475/93,point2,1.4.3):'Thewaveoflay-offs...is
alsohittingtechnicalandskilledworkers,including
service-sectorworkers;thisdidnothappentothesame
degreeinpreviouscrises.'TheOpinionconcludedthat
'thebuild-upinunemployment isthreateningallcatego­
riesofworkers.'Whenaworkerislaidoff,itisnotonly
thatworker'slevelofconsumptionwhichimmediately
drops(incountrieswithrelativelyhighsocialbenefits
thisdropisestimatedasatleast30%),butalsothat
offamilyandothersclosetohimorher,inafar­
reachingchainreaction.Howevergreatthemicroecon­
omicjustification,themacroeconomic effectsofredun­
dancyaredevastating,hittingthewholesocialfabric
andmarginalizingmoreandmorepeople.2.2.4.ConfidenceinCommunitydecision-makers
hasalsobeenunderminedbytheinaccuracyoftheEC's
economicforecastsandtherepeatedannouncements
thatrecoverywasjustaroundthecorner,whenthe
publiccouldtellthatthesituationwasgettingworse.
Itisunderstandable thatforecastersshouldtendto
overestimatethepositiveaspectsandpredictanearly
economicrecovery.Butthedeepeningoftherecession
since1991,andthecontinuedabsenceofrealsignsof
recovery,haveshatteredthecredibilityandusefulness
ofmacroeconomic forecasts. 2.2.3.Allthecommuniques issuedattheendofEC
meetingsnowmentionthecoordinationofMember
States'economicpolicies,butthereisnovisibleevi­
denceofsuchcoordination ineithertheMemberStates'
ortheCommunity'sdecisions.
2.2.5.Savingstrends,andthefactthatsavingsmay
beinadequatetomeetfutureinvestmentneeds,particu­
larlyforinfrastructure ,havebeencitedamongthe
factorsaffectinglong-terminterestratesandwould
thusexplaintheirhighlevelinrealterms.Greateropennessinthedebatesanddecisionstaken
byeconomicleadersatCommunitylevelwouldboost
publicconfidenceintheECdecision-taking process.
Regrettably,theEcofinCouncilseemsmoreconcerned
Howeverintheshorttermifthehouseholdsavingrate
doesnotfall,therecanbenosustainedriseinprivate
consumptionandhencenorecoveryininvestmentand
production .Heretoo,theconflictingsignalsrelayedto
thepublicarehavingnegativeeffects. (')Referenceinfootnote1.SeePoint2.1.4.3inparticular.

30.12.93 OfficialJournaloftheEuropeanCommunities NoC352/39
Thehighlevelofinterestratesisundoubtedlyalso
partlydueto(a)thefailureofthefinancialmarketsto
respondpromptlytothedeflationarypoliciesofthe
1980s,(b)thenewbalancesbetweenbudgetaryand
monetarypolicyand(c)theclimateofcompetition
engenderedbythederegulationofthefinancialmarkets,
withtheallocationofcreditcommonlybeingdeter­
minedbypricelevels.Measuresareneededtoboostthecompetitiveness of
thosebusinesseswhicharemostvulnerabletoforeign
competition .However,moreeffortsarealsoneededto
devisejob-creatingmeasuresformanufacturing and
servicesectorswhicharenotdirectlyexposedtointer­
nationalcompetition,andwheremanysmalland
medium-sized businessesarefound.Overalleconomic
competitiveness cannotbeanalyzedsolelyintermsof
thenegotiablegoodssector,asmeasureswhichtarget
thesectorsmostvulnerabletointernationalcompetition
maybedetrimentaltothemanufacturing fabric,par­
ticularlyatlocallevel.2.2.6.Theinabilitytoquellthemonetaryupheaval
whichbeganinSeptember1992hasalsogivenriseto
conflictinginterpretations ofeventsanddifferingviews
onthemeasuresneeded.Repeatedassurancesthatthe
situationisundercontrolhavebeenfollowedbyill­
timedmeasureswhichhavegiventhelietotheseassur­
ances,andthishasmadetheERMevenmoredifficult
toadminister .
3.Specificcomments—short-termmeasurestopro­
moteeconomicrecoveryandtotackleunemploy­
mentintheCommunityMoreserious,however,istheabsenceofconcrete
measuresanddecisionsthatcanbepublicized,explai­
nedanddefendedinpublicintheMemberStates.In
thepresentcircumstances ,thekeypriorityistorestore
monetarystability.
2.2.7.Budgetdeficitsareanothersubjectwherethe
emphasishasbeenonoversimplified policystatements
whichhaveaddedtothegeneralclimateofdisorien­
tation.3.1.Thefirstprerequisiteistorestorepublicconfi­
denceandthecredibilityoftheECintegrationprocess.
Thismeansacceptingunequivocallythatthemaingoal
ofECeconomicpolicymustbetoemergefrom
recessionandtackleunemployment .Strongereconomic
growthwouldprovidethekeytocreatingjobsand
reducingunemployment ,andtogeneratingtheclimate
ofbusiness,workerandconsumerconfidencewhichis
necessaryifinvestmentandconsumerspendingareto
rise.Thecredibilityofbudgetarypolicydecision-makers is
underminedbytheirrepeatedclaimthattheiroverrid­
ingaimhasbeentodefendthenominalconvergence
targetswhichwerelaiddownintheTreatyonEcon­
omicandMonetaryUnionatatimewheneconomic
andpoliticalcircumstances werequitedifferent,making
itdifficulttomeetthesetargets.Instead,theyshould
havedistinguished thestructuralcomponentofthe
deficitfromthecyclicalcomponent,andopenly
embracedthepolicywhichwasbeingpursuedinprac­
tice(andwhichaggravatedthedeficitsinalmostall
MemberStates).3.1.1.ConcertedactionisneededbytheMember
StatesandtheirCentralBankstograduallyreduce
short-terminterestrates,astheCommitteehasbeen
urgingsincethebeginningofthisyear.ThenewERM
fluctuationmarginsmustbeusedtosecuremoreeffec­
tiveCommunitycoordination inaccordancewiththe
generalinterest,andnotasawayofallowingeach
countrytoseektodetermineitsownpolicy.2.2.8.Discussionsaboutthecompetitiveness ofthe
Europeaneconomyhavecitedthelossofmarketshares
inrecentyearsandcalledintoquestionthewageand
non-wagecostswhichsupposedlypenalizeEuropean
industryvis-a-visitscompetitors .3.1.2.Theworseningbudgetdeficitsmustbeexplai­
nedasbeingaconsequenceofthepresentrecession,
andadistinctionmustbedrawnbetween(a)thecyclical
aspectsofthedeficit,whicharecoveredbytheauto­
maticstabilizers,and(b)thestructuralaspects,which
requireapolicyofcontainmenttopreventthedeficit
spirallingoutofcontrol.Theconvergencecriteriamust
continuetobeseensolelyasmedium-termcriteria,and
mustnotbeinvokedasanexcusefornottakingthe
necessarybudgetarymeasures.AstheCommitteenoted
inMay1993initsResolutiononEconomicGrowthand
Employment inEurope,addressedtotheCopenhagen
Summit,'thegrowthandemploymentstrategymustThisargumentoverlookstheeffectswhichthechanges
inexchangerateshavehadonexternalcompetitiveness
(seepoint2.1.3above).Italsoseemstoforgetthatmore
thantwothirdsofEuropeaneconomicactivityisfor
theinternalmarketandthatmuchofitdoesnotconsist
ofnegotiablegoodsandservices.Finally,theargument
conflictswiththeonemadeaboutthe'inability'ofthe
Europeaneconomytocreatemorejobswhileretaining
thesameeconomicgrowthrate,astheUnitedStates
hasmanagedtodo.

NoC352/40 OfficialJournaloftheEuropeanCommunities 30,12.93
notbeputatriskbyrestrictivebudgetarypolicies
damagingtoeconomicgrowth'.introductionofnewtechnologiesandinnovationsinthe
productionprocess.Theseareallkeyaspectsdeserving
greaterpriorityatEC,nationalandlocallevel.
3.1.3.Acrediblemacro-economic policywould
makeiteasierforthesocio-economic partnerstoadapt
theirtraditionalpolicies,decidenewlabourmarket
measures,andplayaresponsiblepartinthepromotion
ofeconomicgrowthandthefightagainstunemploy­
ment.
Realwageriseswhichremainbelowincreasesinpro­
ductivitywillhelptoimproveworkers'purchasing
powerandchannelmoreresourcesintotheinvestment
whichisneededtorestoreEurope'scompetitiveness .3.2.2.Theshort-termmeasuresneededtorevivethe
economymustnotcallintoquestiontheneedfora
radicalrethinkofthedevelopmentmodelfavouredby
theMemberStateshitherto.Thisneedstobetailored
tothenew,emergingsocietalvaluesandtoreconcile
thesearchforbetterlivingandworkingconditionswith
theinternational climateofcut-throatcompetition ,
financialspeculationandunequaldevelopment .Job
creationmustbeencouragedinnewareasofactivity
thatmeetchangingneeds,interaliaatlocallevel.Tele­
maticnetworksandinfrastructure mustbedeveloped
inordertogiveaboosttohome-working andtele­
working,thushelpingtodecongestcitycentresand
improveregionalplanning.Thisinturnwillboost
theroleoflocalpopulationsandencouragegreater
responsibility ,bothindividuallyandcollectively .3.1.4.Thepriorityneedforinvestmentmustbemet
byadoptingimmediatemeasuresonpublicinvestment,
theproceduresforwhichmustbespeededupsothat
projectscanbeginaheadofschedule;theCommunity
hasalreadymadeasimilardecisioninthespecificcase
ofcreditlinesforsmallandmedium-sized businesses
andforthetrans-European networks.Inthepresent
situationaboosttoproductivepublicinvestmentcould
significantlyhelptoimproveconditionsforanincrease
inprivateinvestment .3.2.3.Animprovementinworkingconditionsisvital
iftheEuropeaneconomyistobenefitfullyfromthe
improvedskillsofitsworkforceandexploitthegreater
potentialandcreativitygeneratedbyworkerpartici­
pation:workorganization ,theintroductionofnew
technologiesandinnovationsintheproductionprocess,
equalopportunitiesandhealthandsafetystandardsat
work-allthesemustservetoimproveproductionqual­
ityandmustnotbesubjectedtoderegulation ,asthis
wouldmerelyaggravatejobinsecurityandlessenany
interestinimprovingqualityandproductivity .3.1.5.TheCopenhagenSummitdecisionregarding
thebridgingfacilityenablingMemberStatestospeed
uptheexecutionofinvestmentprojectsfinancedby
theStructuralFundsandtheCohesionFundmustbe
approvedbytherelevantECauthoritiesverysoon,as
otherwiseitwillloseitspoint.
3.2.Inparallelwiththeseimmediatemeasures,the
completionoftheinternalmarketandgreaterCom­
munitysolidarityshouldmakeitpossibletocarryout
themedium-term structuralmeasuresneededtosecure
sustainedandbalancedgrowth.3.3.GreaterCommunitysolidarity,bymeansof
greatereconomicandsocialcohesion,mustbebacked
byincreasedinternationalcooperation,bothinthe
GATTandinrelationswiththeEFTAnationsinthe
EuropeanEconomicArea,aswellaswiththenations
ofCentralandEasternEurope.Whilethereisgeneral
acknowledgement thattheeconomicpotentialofsuch
cooperationoverthenextfewyearswillbeparticularly
high,itisnotbeingpursuedasresolutelyasnecessary.3.2.1.Inordertoreconcileeconomicgrowth,
employmentandcompetitiveness ,anoverallstrategyis
neededformakingbetteruseofhumanresourcesacr­
oss-the-board .Thiswouldcomprise:education,initial
andfurthertraining,efficientplacementservices,social
policytoassistthosewhoaremarginalizedorinspecial
need,reorganization ofworkingtime,involvementof
thesocialpartnersintheframingofthenecessary
policies,creationordevelopmentofmechanismsforin­
companyworkerparticipationinordertomakefull
useoftheirpotentialforimprovingworkingmethods,Worldeconomicrelationsarebeingrestructuredata
rapidrate.TheCommunitymustplayanactivepartin

30.12.93 OfficialJournaloftheEuropeanCommunities NoC352/41
thisprocess,defendingitsbasicvaluesandthusseeingreduceimbalancesandinequalitiesandconsolidatepea­
thattheworldeconomicorderoftomorrowhelpstoceandcooperationworldwide.
DoneatBrussels,20October1993.
TheChairman
oftheEconomicandSocialCommittee
SusanneTIEMANN
OpinionontheproposalforaCouncilRegulation (EEC)amendingRegulation (EEC)No
1765/92of30June1992establishingasupportsystemforproducersofcertainarablecrops(*)
(93/C352/11
On7September1993theCouncildecidedtoconsulttheEconomicandSocialCommittee,
underArticles43and198oftheTreatyestablishingtheEuropeanEconomicCommunity ,
ontheabovementioned proposal.
TheSectionforAgricultureandFisheries,whichwasresponsibleforpreparingtheCom­
mittee'sworkonthesubject,adopteditsOpinionon13October1993.TheRapporteurwas
MrCharlesPelletier.
Atits309thPlenarySession(meetingof20October1993)theEconomicandSocialCommittee
adoptedthefollowingOpinionunanimously .
1.Preliminaryremark turalPolicy,anelementonwhichtheCommitteehas
twiceissuedanOpinion(2).Itisnecessaryifcereal,
oilseedandproteinproductionistobebroughtunder
control.
1.1.TheCommitteemustfirstlyexpressitsdissatis­
factionattheover-hastyreferralprocedureimposedon
itbytheCouncil.Theconditionsforworkingonand
preparingthisOpinionareunreasonable ,preventing
proper,in-depthexaminationofthecomplexdocument
submittedtotheSection.IturgestheCouncil,when
referringmatterstotheCommittee,toprovidedead­
linesenablingittoplayitsroleasaconsultative
assembly,representingtheinterestsofEuropeanciti­
zensonvitalissues.2.2.Set-asidemustnot,however,leadtodefinitive
fixingofEuropeanproductionlevels;itmustallow
productiontobeadjustedinlinewithdemandon
Communityandworldmarkets.Inparticular,itshould
2.Generalcomments
2.1.Theset-asideprogrammeinconnectionwith
supportformajorcropswasimplementedon21May
1992,asoneelementinthereformedCommonAgricul­(2)a)Own-initiative OpinionontheCommissionCommuni­
cationontheDevelopmentandFutureoftheCommon
AgriculturalPolicy(CAP),OJNoC40,17.2.1992.
b)OpinionontheReformoftheCommonAgricultural
Policy(CAP)(threedraftRegulations):
—supportsystemforproducersofcertainarablecrops,
—commonorganizationofthemarketincereals,
—amendmentofRegulation (EEC)No.2727/75onthe
commonorganizationofthemarketincereals.
OJNoC98,21.4.1992. I1)OJNoC265,30.9.1993,p.6.