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DOCUMENTS "COM"
COM(79)638
Vol.1979/0214

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COM(79)638final
COMMISSION Brussels,29November1979
OFTHE
EUROPEANCOMMUNITIES • FOROFFICIALUSEONLY
GeneralSecretariat
COMMONFUND:
THEPARTICIPATION OFTHECOMMUNITY
INTHEFUNDANDITSFINANCIAL CONTRIBUTIONS
(Communication fromtheCommission totheCouncil)
C0M(79)638final

SUMMARY
1.Theobjectives ofthis Communication aretodraw theCouncil 's
attention again totheprinciple oftheparticipation oftheCommunity
alongside itsMember States intheCommon Fund tobesetupinthe
context ofUNCTAD 'sIntegrated Programme forCommodities ;tosetout
indetail themodalities ofthefinancial contribution oftheCommunity
tothis Fun$ andtodefine ,inconsequence ttheessential elements which
should beborne inmind inthedrafting ofthe Fund 'sArticles which is
inprocess .
2.TheCommunity should participate assuch intheCommon Fund under
Article 113oftheTreaty ,because theFund -onthebasis ofits
objectives and functions –will constitute aspecifio financial and
co-ordinating instrument concerned with theregulation ofinternational
trade incommodities (stock financing viaitsFirst Account ffinancing
ofcertain other measures viaitsSecond Account ).TheFund will support
International Commodity Agreements (iCAs )ofwhich byvirtue ofitsCommon
Commercial Policy andincertain cases also ofitsCommon Agricultural
Policy theCommunity isorwill beamember .
3.Atthis stage ,theCommunity assuch canlimit itsfinancial contri­
bution totheFund fsFirst Account totheindirect contribution stemming
from itshaving paid -through ICAs-itsparts ofthecash deposits which
such ICAs will place intheFund .Thedirect contributions tobemade to
theFund 'sFirst Account should thus beassumed byMember States .Concerning
theFund 'sSecond Account ,theCommunity anditsMember States should ensure
anoverall voluntary contribution ofaround 80million .

4*TheFund'sArticlesmustcontainprovisionsallowingCommunity's
participation fromthebeginningoratanytimethereafter *Theyshould
alsomakeitclearthattheCommunity'srightsandobligationswillnot
addtothoseofitsMemberStatesandthattheCommunitywillhavean
ExecutiveDirectorontheExecutiveBoard.

I. GENERAL CONTEXT .OBJECTIVES
1.TheIntegrated Programme forCommodities adopted in1976 atNairobi
bythe4thUNCTAD (l)established asits'essential objectives those of-
achieving stable conditions incommodity trade atprices that are
"remunerative and just toproducers andequitable toconsumers ";
toimprove andsustain thereal income ofexporting developing countries ;
toseek toimprove market access andreliability ofsupply ;toimprove
market structures inthefield ofrawmaterials ,thecompetitivity of
natural products ,andmarketing systems ;andtodiversify .production
indeveloping countries notably bymeans oftheprocessing oftheir
primary products .
2.Among theprincipal steps that have subsequently been taken in
order toimplement theIntegrated Programme should bementioned a
series ofinternational negotiations ordiscussions onmost ofthe18
commodities featuring intheProgramme andnegotiations concerning the
creation ofthe Common Fund .
Atpresent international commodity agreements (iCAs )involving
international stocks have been agreed with respect totin,tococoa ,andto
rubbi^and ICAsorarrangements notcontaining international ^stocks exist for
coffee ,olive oil,andsugars theCommunity isamember ofeach of
these agreements Ofarrangements with theexception ofthelast .
Last March inGeneva agreement wasreached onthe"fundamental
elements "oftheCommon Fund which fixes itsobjectives andfunctions ,
thegeneral lines ofthefinancial structure andthebasic aspects
ofitsorganisation anddecision-making processes .Atthesametime
theInterim Committee wassetup"toconsider theelements
(1)Resolution 93(lV ).
(2)Subject toitsimplementation .

requiringfurtherelaboration,todraftArticlesofAgreementofthe
Fund,andtomakerecommendations regardingthepreparatory work
requiredtobringtheFundintooperation 1?.ThisCommitteewillhold
itsthirdmeetingfrom3-14December,withaviewtopreparingforthe
resumptionoftheNegotiating Conference.;;;^– ? ~
3.InordertosettlecertainkeyquestionsofinteresttotheCommunityand
consequentlytoallowtheCommunitytocontributefullytotheongoingwork,the
CommissioninApril1979proposedtheelementsofacommonapproachconcerning
interaliatheparticipation oftheCommunityassuch,thedistribution
ofassessedcontributions withintheCommunityandthefinancingona
voluntarybasisoftheSecondAccount(l).TheCouncilnoted,
whentakingnoteoftheseproposals,thatitwouldfalltoitto
pronounceonthematalaterstage*Sincethentwo
eventshavetakenplace:
-thepublicationoftheOpinionoftheCourtofJusticeon
Rubber(2);"
–thequestionofthemembershipofgroupsofStatesofthe
CommonFundhasbeenraisedintheInterimCommittee,on
whichtheCommunityhassofaronlybeenabletomake
preliminaryobservations .
4.InthissituationtheobjectivesofthisCommunication areas
follows:
a.todrawtheattentionoftheCouncilagain,inthelightof
oftheOpinionoftheCourt,tothe:proposalalreadysubmitted
concerningthe.principleoftheparticipationoftheCommunity
assuchintheFund,alongsideMemberStates;
(1)COM(79)223final.
(2)Opinion1/78of4thOctober.

-3-
b.tosetoutindetailthemodalitiesofthefinancialcontri-
i
butionoftheCommunityassuch;
c.todefine,inconsequence,theessentialelementswhichshould
beborneinmindindraftingtheArticlesoftheFund*
ν
ThisCommunication doesnotaddresstheotherpointsofsubstance
whichremaintobeelaboratedoragreed(l)andonwhich–whenappropriate
theCommunitywillhavetodefineitscommonpositiontin"thelightof
the"fundamental elements"agreedinMarch.
II.THEPARTICIPATION OFTHECOMMUNITY ONTHEFUHP
1.ThefirstmajorobjectiveascribedtotheCommonFundisthatit
should"...serveasakeyinstrumentinattainingtheagreedobjectives
oftheIntegratedProgrammeforCommodities"(summarisedabovein
paragraphI.l).ThesecondmajorobjectiveestablishedfortheCommon
Fundisthatitshould"facilitatetheconclusionandfunctioning of
international commodityagreements(iCAs)particularly oncommoditiesof
specialinteresttodevelopingcountries".
TothiseffecttheFundwillberequired:
-tocontributetothefinancingofinternational bufferstocks
(FirstAccount);
(l)ConcerningtheFund*sfinancialstructure(useofdirectcontri­butions!phasingofpayments,natureandroleofcallablecapital/
guarantees,definitionofthemaximumfinancialrequirementsofInternational CommodityOrganisations);theoperationsofthe
SecondAccount(definitionofmeasuresandbeneficiaries ,useof
income,possibilityofloans,roleoftheAdvisoryCommittee);
andadministration –(voting,- " ~
preparatoryworkontheestablishmentoftheFund).

-4-
–tofinanceorcontributetothefinancingofmeasuresotherthan
stockingandtopromoteco-ordination andconsultation with
regardtothesemeasures(SecondAccount).
2.AlthoughtheFundwillbecalledontoundertakemeasuresthrough
itsSecondAccountwhichmaytouchonratherdiversefieldsttheFundwill
thusconstituteaspecificfinancialandco-ordinating instrumentconcerned
withtheregulationofinternational tradeincommodities.Itwillbean
integralpart,withInternational CommodityAgreementsorArrangements ,
ofthemechanismssetuptoregulatethistrade,ofwhichitwillconstitute
akeyelement.
TheEuropeanCourtofJusticerecentlystated,initsOpinionon
rubberthat:"Itisclearthatacoherentcommercialpolicywouldno
longerbepracticableiftheCommunitywerenotinapositiontoexercise
itspowers...inconnectionwithacategoryofagreementswhichare
becoming,alongsidetraditionalcommercialagreements,oneofthemajor
factorsintheregulationofinternational trade•••"•
Furthermore,byvirtueofitsCommonCommercialPolicyandincertain
casesalsoofitsCommonAgriculturalPolicy,theCommunityisorwillbe
amemberoftheICAswhichtheFundisbeingcreatedtosupport.The
effectiveexerciseofthepowerswhichtheCommunityenjoyswithinthese
ICAs,mightthereforebecompromisedshouldtheCommunitynotparticipate
intheFundwhichwillacttointegrateICAsintheallimportant
financialfield.TheEuropeanCourtofJusticeexpresslyrecognised,
withreferencetorubber(intheOpinionalreadycitedinparagraph1.3)
above),thatthespecificfinancialmeansplacedatthedisposalofICAs

shouldbeco-ordinated withthosewhichtheywillheabletofindinthe
I
CommonFund*Theassociation oftheCommonFundwiththeexerciseof
thefunctionswhichhaveuptilnowbeendischargedbytheICAs,i.e.
stockfinancing }financingofothermeasures,onlyservestounderline
thisco-ordination betweentheCommonFundandtheICAs.
InadditionitmayberecalledthatvotesintheCommonFundareto
bedistributed amongmembersoftheFundaccording }interaliaftothe
callablecapital/guaranteestobemadeavailabletotheFuildbymembersofICAs.
Animportantelementinthedistribution ofvoteswithintheFundwill
thusbebasedonthedispositions madewithinICAsinwhichtheCommunity
hasrecognisedcompetence.
3.Inbrief,therefore,theFund'sobjectivesandfunctionscover
matterslargelyfallingunderthecompetenceoftheCommunity,byvirtue
ofitsCommonCommercialPolicy(Article113)•Furthermore,theFundis
complementary totheICAswheretheCommunityiscompetentbyvirtueof
thatsamepolicyaswellincertaincasesasofitsCommonAgricultural
Policy.TheCommission,therefore,believesthat,inthesecircumstances
andwhateverdecisionsaretakeninrespectoffinanoialcontributions to
theFund,theCommunityassuchmustparticipateintheCommonFund.
Giventhebreadth.ofthemeasureswhichmaybeundertakenbytheFund
throughitsSecondAccount,thenatureofwhichmaywellgobeyondthe
areaoftheCommonCommercialPolicy,thisparticipation doesnot
prejudicethatofMemberStates.

-6-
III.FINANCIAL CONTRIBUTIONS
I
1.Inaccordancewiththe"fundamentalelements",agreedinMarchthe
totalfinancialresourcestobeplacedatthedisposaloftheFundwill
consistof:
-thedepositsofassociatedICAsplusguarantees/callable
capitalprovidedbythemembersofsuchICAs(l);
-theobligatorycontributions ofFundmemberstotalling
$470million(2),plusvoluntarycontributions.
ThefinancialresourceswillbeallocatedtotwoquiteseparateAccounts.
TheFirstAccountwillconsistofthoseprovidedbyICAsandof
$400million(3)ofthe$470milliontobeprovidedbyFundmembers.
FortheSecondAccountatargetfigureof350millionhasbeen
establishedconsistingofJOmillionallocatedbygovernments from
theirobligatorycontributions (4)plusfurthervoluntarycontributions
of&280million.
(1)one-thirdof..theirmaximumfinancialrequirementstobepaidincasheitherinfullonassociation,orinstages.Two-thirdsaretobecoveredbyguarantees/
callablecapitalofwhichtheprecisenaturehasyettobedetermined.
(2)150millionintheformofInitialEqualAmountsoffi1million
'permemberandf>320milliontobesubscribed–68^byindustrialisedcountries–accordingtoakeytwo-thirdUNscale/one-thirdGNP.
(3)Intheformofcash150million),capitaloncall150million),
andcallablecapital($100million).
(4)Eachmemberbeingallowedtoallocateaportionofitsj&1million
InitialEqualAmounttotheSecondAccount.TheCommissionproposed
inApril1979thattheCommunitymightallocateabouthalfofits
IEAstotheSecondAccount.C0M(79)223final,para.III.3.3.

2.TheCommunitywillhavetocontributeto8tockfinancing^itlrtncertai
ICAsandthustothedepositswhichICAsmaydecidetoplaceintheFund*
/TheCommunitymustalsopayitsshareofapproximately
ft84/million(i.e.20/25$)ofthe$470millionofobligatory
contributions ,intheformof:
–9InitialEqualAmountsof$1millioneach(or10x^1million
afterGreekaccession);and
–assessedcontributions whichonthebasisofthekeyadoptedfor
distributionwithintheindustrialised countries(l)fwillbe
approximatelyf>75millionfortheNine.
TheCommunitymayalsocontributeonavoluntarybasistowardsthetarget
figureestablishedforthesecondAccount:allCommunityMemberStateshave
alreadyindicatedtheirintentiontodothis.
3.ThecompetenceoftheCommunitydescribedinPartIIabove,
particularlyintheareaofactivity(bufferstocking)whichisthe
concernoftheFund'sFirstAccountwouldjustifythattheCommunity^
contributiontothefinancingoftheFund*sFirstAccountshouldbe
effectedbytheCommunityitselfontheCommunitybudgets
(l)Thiskey-two-thirdUNkey/one-thirdOTPremainsthesubjectof
AU.S.reserve,theU.S.maintainingthatitsapplicationwould
requirethemtomakeanunacceptablyhighercontribution.
Thekeyhashoweverbeenmodifiedtotakeaccountoftheneedsofthefivesmallestindustrialised countrymembersandtheCommunity
hasbroughtforwardproposalsforspecialanddifferentialtreat­
mentforGreeceandTurkey.

-8-
.However–takingaccountinparticularoftheproblemsraisedbythe
criteriaagreedforthedistributionofvotes(l)andofthepossibility
forMemberStatestoshareinCommunitycompetencewithregardtotheFund
FirstAccount(2)–theCommissionbelievesthattheCommunityassuchcan
atthisstagetlimititscontributiontotheFund'sFirstAccounttothe
indirectcontribution stemmingfromitshavingpaid–throughICAs–its
itspartsofthedepositswhichsuchICAswillplaceintheCommon
Fund(3).
m
4*InsofarastheFund'sSecondAccountisconcerned,theCommunity
anditsMemberStatesshouldnowgiveclearandcommonexpressionoftheir
willtocontributesignificantly tothosebroaderobjectivesofthe
IntegratedProgrammewithwhichthisAccountwillbeconcerned.
Ontheunderstanding thatothermajorMembersoftheFund,fromall
regionalgroups,shouldplaytheirfullpartinensuringthatthe
$350milliontargetestablishedfortheSecondAccountismet,the
CommissionproposesthattheCommunityanditsMemberStatesshould
contributetotheSecondAccounta$ofthe4>350milliontargetwhich
(1)Thesecriteriabeinglargelybasedonfinancialcontributions ,rather
than–asisnormallythecasewithinICAs–ontradeshares.
(2)ThispossibilityflowsfromtherecentOpinionoftheCourtonthe
RubberAgreementwhichrecognisesthatiftheburdenoffinancing
stocksisbornedirectlybyMemberStatesthatmay;implythe
participation ofthoseStates.
(3)WhichwillnothaveimplicationsfortheCommunitybudgetbefore
1981.

-9-
"broadlycorrespondstotheCommunity's%contribution ofFundsmembers9
obligatoryfinancialcontributions (i.e.20/25seeparagraphIII.2
above).OnthisbasisthecontributiontotheSecondAccountshouldbe
around^80million.
AllMemberStateshavealreadyindicatedtheirintentioninprinciple
tomakecontributions ;butonlythreehavetodateplacedfigureson
theircontributions (l).TheCommissionfurtherproposesthereforethat
insofarasthetotalofthecontributions madebyMemberStatesfalls
shortoftheoverallindicativefigureofaroundfi80millionmentioned
aboveftheCommunityshouldensurethatthebalanceispaidfromits
budget(2):
(l)Belgium-&3.0million;Denmark-p2-3.0million;
Netherlands–p17.0million.
(2)WhichwillnothaveimplicationsfortheCommunitybudgetbefore
1981.

-10-
IV*DISPOSITIONS REQUIREDTOTHEARTICLESDTOHDERTOCOVER
COMMUNITYINTERESTS *
1*ForthereasonsindicatedabovettheCommunityassuchmust
participateintheFundalongsideitsMemberStates*Inconsequencetit
isessentialthattheFund'sArticlesallowfortheparticipation ofthe
Community;theymustalsoprovideacleardefinitionofrightsand
obligationsandensurefullCommunityparticipation intheFund's
managementorgans.
1.1Membership.TheArticlesmustensurethemembershipofthe
Community.Theclausesdealingwiththisquestionshouldallowfor
themembershipofgroupsofstateswhichhavecompetenceinsomeor
allofthe.fieldscoveredbytheobjectivesandactivitiesofthe
Fund,followingascloselyaspossiblethatoftheICAswithwhich
theFundwillbecalledontowork(seeAnnexonRubber).
1.2Rijghts_aiid_obligat^ons.TherightsandobligationsoftheCommunity
shouldnotbeadditionaltothoseofitsMembers.Thismeansthat
thoseArticlesdealingwiththesubscription ofsharesandwiththe
fulfilmentorsettlementofobligations mustinnowayimplyseparate
oradditionalobligationsfortheCommunityassuchand-conversely-
thatthosetextsdealingwiththedistribution ofvotesmustmakeit
clearthattheonlyvotesofwhichtheCommunityassuchoandispose
arethoseallocatedtotheNineonthebasisofthe"equality"
elementandofagreedfinancialobligations.

«,11-
1*3Managemegt_orggji£.TheCommunityassuchmustparticipatealongsideMember
StatesinthePand,slGoverningCouncil*Twonotionsareimportant
hereandshouldbedefended:
–thattheappointmentofmembersoftheGoverningCotmcil
shallbeterminatedorrenewedatthepleasureofthe
appointing members;and
-thateachmemberoftheGoverningCouncilshallbeableto
appointonealternate * •
TheCommunitymustalsoberepresentedintheExecutiveBoardas
theorganresponsiblefortheconductoftheoperationsoftheFund
and-therefore–defineitspositionsonthesizeoftheBoard,
thewayinwhichthepresenceofaComnranityExecutiveDirectorcanbe
ensured,aridthewayinwhichthosecountriesnothavingExecutive
DirectorsontheBoardcanensurethattheirviewsareheard.
1.3*1Giventheneedtoensuretheefficientconduotofbusinessandto
facilitate Comnranityrepresentation thepropositiontocreatean
ExecutiveBoardof14seemseminentlyreasonable.Withinsuchan
ExecutiveBoardthereshouldbeoneDirectortoactonbehalfof
theCommunityandofitsMemberStates.ShouldtheExecutiveBoard
belargerthanthis(e*g*20)theCommunityshouldaimtosecure
oneplacefortheCommunityassuchandtwoforMemberStates*
IflargerparticipantsareempoweredtonominateExecutiveDirectors,
theCommunityassuchshouldbeamongthosewhowouldhavethis
right.Ifafullyelectivesystemisagreed(asincertain

12–
DevelopmentBanks)thepercentageofvotesensuringaplaceon
theBoardshouldbefixedatalevelwhichwouldguaranteea
placetotheCommunityassuch.
1.3.2Therepresentation ofcountriesnothavingExecutiveDirectorswill
hearrangedthroughasystemof"constituencies "enablingeachone
ofthesecountriestocastitsvotesviaaparticularExecutive
Director.Theconvention shouldbeestablished thattheMember
StatesoftheCommunityconstituteone"constituency 0andthat
MemberStatesnotrepresented ontheExecutiveBoardarrangefor
theirvotestobecastbytheCommunity'sExecutiveDirector.In
the'eventthatoneormoreCommunityMemberStateshaveExecutive
Directors,thecomplementary conventionshouldbeestablishedthat
theseExecutiveDirectorsshouldnotactas"constituency "
representatives fornon-Community countries.
Inaccordancewiththewishesoftheirconstituents ,Executive
DirectorsshouldhavetherighttonominatetheirAlternates.
1.4Timing_ofmembership^TheCommunityassuchshouldparticipatein
theFund-withitsMemberStates-fromthebeginning.TheCommunity
anditsMemberStatesshould,however,ensurethattheFund's
ArticlesprovideforthepossibilityofitsjoiningtheFundif
necessaryatalaterstage,as~is.thecasee.g.in..theArticlesof
theIFAD.

-13-
V. CONCLUSIONS_____
1.Inthelight ofitscompetence formatters covered bytheFirst
Account andofthecompetence which itshares with Member States for
matters covered bytheSecond Account ,theCommunity assuch must -be
amember ofthe Common Fund .
2.Atthis stage ,theCommunity should only contribute totheresources
oftheFund 'sFirst -Account through thedeposits placed intheFund bythe
ICAs associated with itinwhich theCommunity participates *:
3.TheCommunity anditsMember States should fixtheoverall level
oftheir contribution totheFund'sSecond Account atbetween 20/25$
ofthetarget figure off350million ,i«e.approximately 80million .
4.Insofar asthecontributions ofMember States donotensure the
overall contribution totheSecond Account mentioned under point 3
above ,theCommunity should make good thedifference from itsbudget *
5.TheCommunity must ensure that theArticles oftheFund provide
foritsparticipation assuch atthebeginning oratalater moment
inthelife oftheFund andthat theCommunity isappropriately represented
(along thelines setoutinPart IV)intheFund'smanagement organs .

1979RUBBERAGREMENTAMEX
CHAPTERII
DEPmiTiorrs ^
Article2
Définitions
ForthepurposesofthisAgreement:
1••••
2»••• *
3./"contractingparty"meansagovernment,oranintergovernmental
organizationasprovidedforinarticle5,whichhasconsentedtobe
houndbythisAgreementprovisionallyordefinitively^
4«/"Member*'meansacontractingpartyasdefinedabove.7
5•••16••••
CHAPTERIII
Article5
Membership byintergovernmental organizations
1.AnyreferenceinthisAgreementto"governments' *shallbeconstrued
asincludingEECandanyintergovernmental organization havingrespon­
sibilitiesinrespectofthenegotiation,conclusionandapplicationof
international agreements,inparticularcommodityagreements.Accordingly,
anyreferenceinthisAgreementtosignatureortodepositofinstruments
ofratification ,acceptanceorapprovalortonotification ofprovisional
applicationortoaccessionshall,inthecaseofsuchintergovernmental
organizations ,beconstruedasincludingareferencetosignature,orto
depositofinstrumentsofratification ,acceptanceorapproval,orto
notification ofprovisionalapplication,ortoaccession,bysuch
intergovernmental organizations .

2.Inthecaseofvotes,onmatterswithintheircompetencetsuch
organizations shallexercisetheirvotingrightswithanumberofvotes
equaltothetotalnumberofvotesattributedtinaccordancewith
article14»totheirMemberStates*

FICHE FINANCIERE
Ligne budgétaire concernée :titre 9,chapitre 97,article 970-
contribution delaCommunauté aufinancement duFonds commun .
Base juridique :Article 113
Description del'action :participation juridique ainsi quefinancière
delaCommunauté auFonds commun ,lequel soutiendra desaccords depro -*
duit dont laCommunauté estmembre .
Justification del'action :envertu del'Article 113,laCommission pro­
pose que laCommunauté entant quetelle participe auFonds etexerce les
compétence quiendécoulent . 1 j
i
i
i
Incidence financière del'action sur lescrédits d'intervention .
Ils'agit d'uneaction àdurée illimitée :detix types decoûts seprésen­
tent d'unepart^des contributions àtravers lesAccords Internationaux de
Produits autitre dupremier compte =stocks jrégulateurs ,d'autre partdes
contributions volontaires audeuxième compte j=actions autres quelestockage .
i
• «
Austade actuel ,iln'estpaspossible dechiffrer avec précision lesdeux
types decontributions cités ci-dessus .Entout état decause ,ilnedevrait
pasyavoir incidences financières sur lebudget 1980 .
Apartir de1981 ,cescontributions seraient couvertes pardespaiements
échelonnés selon lesbesoins .
j
Incidence financière sur lescrédits depersonnel etdefonctionnement
courant :sans objet . I
Financement desdépenses d'intervention :crédits àinscrire dans les
budgets futurs . ;

Incidenceéventuelle surlesressources :sansobjet.
Régimedecontrôleprévu:contrôlebudgétaire général.