No C 218/14 Official Journal of the European Communities 29. 8. 85 
Article 1, point 4 
The right of option provided for under Article 13 C of 
Directive 77/388/EEC in respect of financial institutions 
which issue credit cards or similar documents does not, in the 
Committee's view, lead to a distortion in competition. The 
imposition of a restriction is therefore not justified. The 
Done at Brussels, 3 July 1985. 
1. The Committee approves the Council's proposal for 
a Regulation empowering the European Monetary 
Cooperation Fund (EMCF) to grant to the central banks of 
non-member countries and international monetary 
institutions the status of 'other holders' of ECU. 
2. The Committee is glad to see the Community 
committing itself, through this proposal, to greater 
international monetary cooperation based on the European 
Monetary System (EMS) and the ECU. It trusts that the 
procedures enabling 'other holders' to use ECU are 
progressively extended and liberalized, so that the ECU can 
become an international reserve currency and a common 
currency. 
3. The Committee would stress that some of the measures 
taken recently to strengthen the ECU (raising interest rates 
on ECU holdings, use of ECU to influence the US dollar or 
(J) OJ No C 171, 10. 7. 1985, p. 7. difficulties referred to in the explanatory memorandum are 
basically due to the fact that different views prevail in the 
various Member States as to whether these services are to be 
classified as credit or advertising services. The only way to 
achieve a satisfactory solution to this problem is by 
establishing a uniform definition of these terms throughout 
the EC. 
Community currencies) are a positive step towards the 
official ECU being used more, and will help promote the 
creation of a European monetary area, as the Committee has 
suggested on many occasions in the past. 
The Committee also feels that further measures should be 
taken to strengthen economic convergence and relaunch the 
process of financial integration (liberalization of capital 
movements, exchange controls, etc.) so as to consolidate the 
stability, credibility and identity of the EMS. 
4. In view of the Commission's wish that strengthening 
the ECU should become an objective of the utmost priority, 
the Committee would like to take this opportunity to draw 
the Council's attention to the proposals contained in the 
information report of the Section for Economic and Financial 
Questions on the EMS, which can be summarized as 
follows: The Chairman 
of the Economic and Social Committee 
Gerd MUHR 
Opinion on the proposal for a Council Regulation amending Article 2 of Council Regulation (EEC) 
No 3181/78 as regards the use of ECU by 'other holders' (*) 
(85/C 218/08) 
On 10 June 1985, the Council decided, in accordance with Article 198 of the Treaty establishing the 
European Economic Community, to ask the Economic and Social Committee for an opinion on the 
abovementioned proposal. 
The Section for Economic and Financial Questions, which was made responsible for the preparatory 
work on this matter, adopted its opinion on 18 June 1985. Mr Drago was rapporteur, and 
Mr De Bievre and Mr Goris were co-rapporteurs. 
At its 228th plenary session (meeting of 4 July 1985), the Economic and Social Committee adopted the 
following opinion unanimously: 
29. 8. 85 Official Journal of the European Communities No C 218/15 
(a) the private ECU should be recognized as a currency and 
admitted to official listing in all Member States where 
this practice exists; 
(b) a start should be made on the gradual liberalization of 
capital movements, by laying down rules for free access 
to certain financial instruments expressed in ECU 
(issues by Community institutions, bonds issued by 
European firms), and authorizing the opening of current 
and term accounts in ECU by resident citizens; 
(c) use of the ECU should be encouraged: 
— for intra-Community invoicing, 
— for intra-Community contracts, 
— by starting a dialogue with the oil-producing and 
raw-material producing countries with which the 
Done at Brussels, 4 July 1985. 
1. Social and economic trends 
1.1. The Committee notes that in 1984 the Community 
recorded an economic growth rate of over 2 %, which is the 
highest rate since the end of the 1970s. Inflation continued to 
fall, public expenditure in real terms declined, productivity 
rates rose, wage restraint was maintained and profits went 
up. 
Yet, in spite of these trends, unemployment continued to rise 
to reach an average 12,7 million, 11 % of the workforce. Community has the largest trade deficits, with a view 
to concluding contracts invoiced in ECU; 
all obstacles to the free use of the ECU in the Member States 
must be eliminated so that everyone can benefit from the 
same conditions; 
(d) the possibilities offered by use of the ECU for 
commercial transactions in agricultural products in the 
Community should be examined; 
(e) data collection on the commercial and financial 
development of the ECU should be more systematically 
organized; 
(f) the multilateral settlement of bank transfers in ECU 
should be encouraged in association with the Bank for 
International Settlements. 
The above proposals could be implemented within the 
existing institutional framework. 
1.2. This rise in unemployment together with 
demographic trends has led to further increases in inequality 
as growing numbers and proportions of the population 
become dependent on the social protection systems oi the 
Community. The emergence of poverty associated with 
long-term unemployment is particularly noted (1). 
1.3. This trend towards greater inequality has been 
emphasized moreover by the way in which reductions in 
public expenditure have led to the incomes of many who are 
(*) See ESC opinion on specific action to combat poverty (OJ No 
C25,28. 1. 1985). The Chairman 
of the Economic and Social Committee 
Gerd MUHR 
Opinion on social developments in the Community in 1984 
(85/C 218/09) 
Procedure 
On 3 June 1985 the Commission decided to consult the Economic and Social Committee on the social 
developments in the Community in 1984. 
The Section for Social Questions, which was responsible for preparing the Committee's work on the 
subject, adopted its opinion on 23 May 1985 in the light of the report by Mr Roycroft. 
At its 228th plenary session (meeting of 4 July 1985) the Economic and Social Committee adopted the 
following opinion by 75 votes to 10, with 13 abstentions.