ARCHIVES HISTORIQUES 
DE LA COMMISSION 
 
 
 
COLLECTION RELIEE DES 
DOCUMENTS "COM" 
 
 
 
 
COM (84) 262 
 
 
 
Vol. 1984/0 121 
  
 
Disclaimer  
Conformém ent au règlement (CEE, Euratom) n° 354/83 du Conseil du 1er février 1983 
concernant l'ouverture au public des archives historiques de la Communauté économique 
européenne et de la Communauté européenne de l'énergie atomique (JO L 43 du 15.2.1983, 
p. 1), tel que modifié par le règlement (CE, Euratom) n° 1700/2003 du 22 septembre 2003 
(JO L 243 du 27.9.2003, p. 1), ce dossier est ouvert au public. Le cas échéant, les documents 
classifiés présents dans ce dossier ont été déclassifiés conformément à l'article 5 dudit 
règlem ent. 
In accordance with Council Regulation (EEC, Euratom) No 354/83 of 1 February 1983 
concerning the opening to the public of the historical archives of the European Econom ic 
Communit y and the European Atom ic Energy Communit y (OJ L 43, 15.2.1983, p. 1), as 
amended by Regulation (EC, Euratom) No 1700/2003 of 22 September 2003 (OJ L 243, 
27.9.2003, p. 1), t his file is open to the public. Where necessary, classified documents in this 
file have been declassified in conformity with Article 5 of the aforementioned regulation.  
In Übereinstimmung mit der Verordnung (EWG, Euratom) Nr. 354/83 des Rates vom  1. 
Februa r 1983 über die Freigabe der historischen Archive der Europäischen  
Wirtschaftsgemeinschaft und der Europäischen Atomgem einschaft (ABI. L 43 vom  15.2.1983,  
S. 1), geändert durch die Verordnung (EG, Euratom) Nr. 1700/2003 vom 22. Septem ber 2003  
(ABI. L 243 v om 27.9.2003, S. 1), ist diese Datei der Öffentlichkeit zugänglich. Soweit  
erforderlich, wurden die Verschlusssachen in dieser Datei in Übereinstimmung mit Artikel 5  
der genannten Verordnung freigegeben.  
COMMISSION  
OF THE
EUROPEAN COMMUNITIES
SecretariatC O M ( 8 4 )  2 6 2  final 
Brussels, 14 M a y  1 9 8 4
F O R  O F F I C I A L  U S E  O N L Y
C O M M I S S I O N  C O M M U N I C A T I O N  T O  T H E  C O U N C I L
o n  th e ex ten sio n  o f financial co o p eratio n  b e tw e e n  th e C o m m u n ity
a n d  S p a in  a n d  P o rtu g al
C O M ( 8 4 )  2 6 2  final

C O M M I S S I O N  O F  T H EE U R O P E A N  C O M M U N I T I E S
Secretaria tC O M ( 8 4 )  2 6 2  final 
Brussels, 1 4  M a y  1 9 8 4
F O R  O F F I C I A L  U S E  O N L Y
C O M M I S S I O N  C O M M U N I C A T I O N  T O  T H E  C O U N C I L
o n  th e ex ten sio n  o f financial co o p eratio n  b e tw e e n  th e C o m m u n ity
a n d  S p a in  a n d  P o rtu g al
C O M ( 8 4 )  2 6 2  final

I. INTRODUCTION
The Commission has received requests (1) from the Spanish  
government (1 February) and the Portuguese government (10 February) for the  
extension of the European Investment Bank's financial operations in those  
countries beyond 1 July 1984 (2).
The two governments point out that the money available for the  
period to 30 June will have been taken up in full by that date, and stress 
the value of the Bank's role in financing investments which are increasingly  
needed as the date of accession draws closer.
They would therefore like the Bank to continue and step up its  
activities to a level more in keeping with the two countries' absorption  
capacity, and suggest that financial cooperation should continue beyond  
30 June. There would be an increase in the sums available, but the other  
terms would remain unchanged.
>  '
2.  Both Commission and Council received notice on 8 March that the
Bank's Management Committee had completed a preliminary scrutiny of the  
application and judged the extension of cooperation with the two countries  
both appropriate and desirable.
II. COMMISSION APPRAISAL
3> Generally speaking the Commission feels the Community should
respond favourably to the requests from the Spanish and Portuguese governments.
The integration into the Community of the’  two prospective Member  
States raises acute problems of convergence between their economies and levels  
of development and those of the Ten. At the moment living standards in the  
two applicant countries are well below the Community average, which is bound
(1) Annex 1
(2) Similar requests were sent to the EIB.

to pose policy coordination problems once real integration gets under way (1).
The backwardness of the Spanish and Portuguese economies means that
'A ' ‘ £ .
considerable structural improvements and an expansion and modernization of  
industry are required to enable the two countries to find their place within  
an economic entity such as the Community. *
We know from experience how difficult Spain and Portugal -the latter  
particularly- find it to achieve sustained growth, calling for a high level of  
fixed investment, and at the same time maintain a satisfactory balance both  
domestically and externally. The reasons for this are both structural - in  
particular, the structural inadequacies of the productive sector - and cyclical,  
though admittedly there.are now signs of a gradual upturn in flagging world  
demand. •  ,  '
Recently Portugal, and to a lesser extent Spain, have been forced  
to adopt economic austerity policies to correct worrying internal and external  
imbalances, particularly in Portugal (2). This has had a damping effect on  
growth; Spain's real GDP growth is not likely to exceed 2% in 1984, and Portugal  
is set for negative growth. Obviously, this slowdown in growth makes it even  
more difficult to find the necessary investment resources, and it^is therefore  
desirable that the Community's financial cooperation activities be continued.
4.  Pre-accession investment cooperation between the two applicant
countries and the Bank has produced very satisfactory results since its inception  
in 1981. In accordance with the priority objectives set at the time, the funds  
commited to date have been used as follows:
a) Spain,  of a total 250m ECU of loans already accorded:
(i) 38% has been used to support restructuring, modernization and development
of industrial SME or the tourist sector, notably in the least-developed
(1) Expressed in terms of purchasing power, per capita GDP in 1982 was 72 in  
Spain and 50 in Portugal (Index EC 10 = 100).
(2) In 1983 Portugal's current account deficit amounted to 8% of GDP and Spain's  
to 1.5% of GDP; consumer price inflation was running at 24% in Portugal and  
12% in Spain.

developed regions;
(ii) 24% was used to improve the infrastructure of communications with the
: > ■
Community; *
\
(iii)  18% was used to suppport energy saving measures, particularly to economise  
on oil;
(iv) 20% was used to improve regional infrastructure in order to encourage  
more balanced national development.
The Bank is planning to allocate the remaining loans (50mECU) to  
investments in the small business sector, regional infrastructure and energy  
projects. Loan appraisal and approval procedures are sufficiently far  
advanced to enable the contracts to be signed by 30 June.
h) Portugal;  of the loans totalling 194mECU that have been granted:
(i) 38% has gone to the restructuring, modernization and development of SME;
(ii) 31% has gone to the improvement of transport infrastructure;
(iii) a further 31% has been spent on energy infrastructure.
It is planned to allocate the remaining 30m ECU of loans to  
capital investment projects involving SME and energy projects in the Azores.  
Here again matters are far enough advanced for the contracts to be signed  
by 30 June.
5,  in order to avoid a hiatus in the Bank's pre-accession cooperation
with the two countries, therefore, the arrangements should be extended.
As noted above, the Commission feels the Community should continue  
to provide facilities for capital investment in the two applicant countries.  
Continued cooperation will enable the Bank to carry on with its activities  
aimed at helping the two countries prepare their economies for accession and
(1) The great majority of them carry a 3% interest rate subsidy, which comes  
out of the 25m ECU set aside for this purpose under the Agreement of  
3 December 1980.

w id e n in g  th e ra n g e  o f p e o p le  it c a n  to u ch , w ith  a  v ie w  to diversifying its 
o p eratio n s in  th e  future M e m b e r  States. C o n tin u e d  financial co o p eratio n  
b e tw e e n  C o m m u n i ty  institutions a n d  g o v e rn m e n t authorities, b u sin ess a n d  
financial institutions in  P o rtu g al a n d  S p a in  is also im p o rta n t in  p rep arin g  
p e o p le  fo r a n d  a c c u sto m in g  th e m * to  th e obligations a n d  rules w h ic h  w ill 
b in d  th e m  after accession.
6 . A s  re g a rd s th e a m o u n ts  to b e  m a d e  available, the C o m m is s io n  is in  
a g re e m e n t w ith  th e co n clu sio n s o f th e B a n k 's M a n a g m e n t C o m m itte e , b a se d  o n  
its p relim in ary  appraisal, a n d  feels th e tw o  countries c o u ld  m a k e  satisfactory 
u se  o f at least th e s u m s  req u ested  in  1 9 8 3  (1 ).
m .  COMMISSION PROPOSAL
A c c o rd in g ly , th e C o m m is s io n  p ro p o se s that th e C o u n c il:
- a g re e  to  th e principle o f e x te n d in g  financial co o p eratio n  b e tw e e n  th e 
E u ro p e a n  E c o n o m ic  C o m m u n ity  a n d  S p a in  a n d  P ortugal;
- invite th e E u ro p e a n  In v e stm e n t B a n k  fo r this p u rp o s e ’  to  p lac e  at th e  
disposal o f th o se countries fortheperiod f r o m  1  July 1 9 8 4  to  e n d  1 9 8 5  
lo a n s f r o m  its o w n  reso u rces fo r s u m s  substantially in  e x c e ss o f th o se 
a c c o rd e d  until n o w ; appropriate s u m s  w o u ld  b e  a  m i n i m u m  o f 2 5 0 m  E C U  fo r 
S p a in  a n d  1 5 0 m  E C U  fo r P ortugal;
- m a in ta in  u n c h a n g e d  th e priority fields o f operation;
- d e c id e  that s u c h  lo a n s shall b e  c o v e re d  b y  a n  ex ten sio n  o f th e g u aran tee 
facilities p ro v id e d  b y  th e E u ro p e a n  E c o n o m ic  C o m m u n ity , that in v o lv e  a  
g u aran tee o f u p  to 7 5 %  o f th e lo a n s m a d e  in  th e fra m e w o rk  o f th e B a n k 's 
operations in  th e M e d ite rra n e a n  b asin  a n d  that h a v e  ap p lied  to  financial 
co o p eratio n  w ith  S p a in  sin ce 1  Ju ly  1 9 8 1  a n d  to  co o p eratio n  w ith  P o rtu g al 
u n d e r th e E E C -P o rtu g a l F in an cial P ro to co l o f 2 0  S e p te m b e r 1 9 7 6  a n d  u n d e r 
th e A g r e e m e n t in  th e fo r m  o f a n  e x c h a n g e  o f tetters c o n c e rn in g  th e 
im p le m e n ta tio n  o f pre-accession aid, d a te d  3  D e c e m b e r  1 9 8 0 .
1 5 0 m  E C U  fo r P o rtu g al a n d  2 5 0 m  E C U  fo r S p a in .

M a d r i d ,  X F e b r e r o  1 9 8 4
C x c m o . S r .
L o r e n z o  N a t a l i
V i c e - P r e s i d e n t e  d e  l a
C o m i s i ó n  d e  l a s  C o m u n id a d e s  E u r o p e a s
B R U S E L A S
E x c m o . S r .  V i c e - P r e s i d e n t e  :
E l  C o n s e j o  d e  M i n i s t r o s  d e  l a s  C o m u n id a d e s  E u r o p e a s  
d e c i d i ó  l o s  d i a s  2 1  d e  j u n i o  y  1 ?  d e  o c t u b r e  d e  1 9 8 3  a u t o r i z a r  
l a  p r ó r r o g a  a  f a v o r  d e  E s p a f i a  d e  u n a  c o o p e r a c i ó n  f i n a n c i e r a  d e  
1 0 0  m i l l o n e s  d e  E C ü s  s o b r e  l o s  r e c u r s o s *  p r o p i o s  d e i  B a n c o  E u r o  
p e o  d e  I n v e r s i o n e s  p a r a  p o d e r  s e r  u t i l i z a d a  e n t r e  e l  1 d e  j u l i o  
d e  1 9 8 3  y  e l  3 0  d e  j u n i o  d e  1 9 8 4 .
E l  i m p o r t e  g l o b a l  d e  l a  c o o p e r a c i ó n  f i h a n c i e r a  a u t o  
^ r i z a d a  h a  s i d o  p l e n a m e n t e  a b s o r b i d a  p o r  l a  e c o n o m i a  e s p a f i o l a ,  
q u e  h a  p u e s t o  d e  m a n i f i e s t o  l a . p o s i b i l i d a d  d e  a p r o v e c h a r  u n  —  
i m p o r t e  d e  c r é d i t o  s u s t a n c i a l m e n t e  s u p e r i o r  a l  a u t o r i z a d o  p o r  
l a s  i n s t â n c i a s  c o m u n i t á r i a s .  P o r  e l l o ,  e l  G o b i e r n o  e s p a f l o l  —  
c o n s i d e r a  c o n v e n i e n t e  u n a  f u t u r a  r e n o v a c i ó n  d e  e s t a  c o o p e r a c i ó n  
f i n a n c i e r a  a c o m p a f ia d a  d e  u n  i n c r e m e n t o  s u s t a n c i a l  d e  l o s  r e c u r  
s o s  p u e s t o s  a  d i s p o s i c i ó n  d e  E s p a f i a ,  l o  c u a l  s e r á  d e  i n d u d a b l e  
i n t e r é s  c o n  v i s t a s  a  n u e s t r a  p r ó x i m a  a d h e s i ó n  a  l a  C o m u n i d a d .
E n  c o n s e c u e n c i a ,  e l  G o b i e r n o .  d e  E s p a f ia  p r o p o n e  a  -  
l a  C o m i s i ó n  d e  l a s  C o m u n i d a d e s  E u r o p e a s  s e  i n i c i é n  l o s  t r a m i ­
t e s  n e c e s a r i o s  q u e  p e r m i t a n  a  E s p a f i a  a  p a r t i r  d e i  1 d e  j u l i o  
d e  1 9 8 4  s e g ü i r  b e n e f i c i á n d o s e  d e  l o s  p r é s t a m o s  d e i  B .E .I.  e n  
b a s e  a  u n  i n c r e m e n t o  s u s t a n c i a l  d e  l a  c o o p e r a c i ó n  f i n a n c i e r a .

E l  d e s t i n o  d e  l a s  i n v e r s i o n e s  q u e  s e  r e a l i z a r á n  c o n  l o s  r e c u r  
s o s  d e i  B .E .I.  e s t a r á  c o n s t i t u í d o  p o r  p r o y e c t o s  q u e  f a c i l i t e n  
l a  i n t e g r a c i ó n  d e  l a  e c o n o m ia  e s p a f i o l a  e n  l a  e c o n o m ia  c o m u n i­
t á r i a .
. C a r t a s  c o n  c o n t e n i d o  i d ê n t i c o  a  l a  p r e s e n t e  h a n  -  
s i d o  d i r i g i d a s  a l  V i c e - P r e s i d e n t e  d e  l a  C o m is ió n  S r .  Q r t o l i  
y  a l  P r e s i d e n t e . d e i  B .E .I.  S r .  L e  P o r t z .
L e  r u e g o ,  S r .  V i c e - P r e s i d e n t e , a c e p t e  l a  e x p r e s i ó n  
d e  m i m ás a l t a  c o n s i d e r a c i ó n .
•■ f T . í  E T A U lfi D E  ZTSTJkfiO P A Ü it M S  E E M C I O N E S
M M  I A Í  C G M U K ID Â S  S  E U H C P E A S
S  A  LIO A 3  < í _ f .
Fecha

L i s b o n n e ,  l e  1 0  F é v r i e r ,  1 9 8 4
HIKiaTÉBIO DAB FINANÇAS E D O  PIANO
S u i t e  à  l a  d e m a n d e  q u e  l e  G o u v e r n e m e n t  p o r t u g a i s  l u i  
a  a d r e s s é e  p a r  v o t r e  i n t e r m é d i a i r e ,  l e  4 S e p t e m b r e  1 9 8 2 ,  l a  C om ­
m u n a u t é  É c o n o m iq u e  E u r o p é e n n e  a  a u t o r i s é ,  e n  1 9 8 3 ,  l ' e x t e n s i o n  d e  
l a  c o o p é r a t i o n  d e  l a  B E I  a v e c  l e  P o r t u g a l .  C e t t e  e x t e n s i o n  a  m is  
a  l a  d i s p o s i t i o n  d e  m o n  p a y s  d e s  f i n a n c e m e n t s  à  c o n c u r r e n c e  d e  
7 5  M E C U  p o u r  l a  p é r i o d e  d u  1 e r  j u i l l e t  1 9 8 3  a u  3 0  j u i n  1 9 8 4 , d o n t  
4 5  m i l l i o n s  o n t  d é j à  é t é  a p p l i q u é s ,  l e  s o l d e  d i s p o n i b l e  d e v a n t  
ê t r e  t o t a l e m e n t  e n g a g é  a v a n t  j u i l l e t  1 9 8 4 .
L a  s i t u a t i o n  é c o n o m i q u e  d i f f i c i l e  à  l a q u e l l e  l e  P o r ­
t u g a l  d o i t  f a i r e  f a c e  c e s  t e m p s - c i ,  r e n d  p l u s  n ê c é s s a i r e  q u e  j a ­
m a i s  l ' a p p u i  f i n a n c i e r  d e  l a  B E I  e t  l a  p o u r s u i t e  d e  l a  c o o p é r a t i o n .  
L a  p r o c h a i n e  i n t é g r a t i o n  d u  P o r t u g a l  d a n s  l a  C o m m u n a u té  r e c o m m a n ­
d e r a i t ,  à  n o t r e  a v i s ,  l ' i n t e n s i f i c a t i o n  d e s  i n t e r v e n t i o n s  d e  l a  
B a n q u e  a u  P o r t u g a l , d a n s  l e s  m o i s  à  v e n i r .
D a n s  c e s  c i r c o n s t a n c e s ,  j ' a i  l ' h o n n e u r  d e  v o u s  I n f o r  
m e r  q u e  l e  G o u v e r n e m e n t  p o r t u g a i s  a  d é c i d é  d e  d e m a n d e r  u n e  n o u v e l,  
l e  e x t e n s i o n  p o u r  u n e  p é r i o d e  d e  1 2  m o i s , à  p a r t i r  d u  1 e r  j u i l l e t  
1 9 8 4 ,  d e  l ' i n t e r v e n t i o n  d e  l a  B E I  a u  P o r t u g a l .  E n  v u e  d e  c e l a ,  j e  
m ' a d r e s s e  a u j o u r d ' h u i  a u  P r é s i d e n t  d e  l a  B a n q u e  E u r o p é e n n e  d ' i n ­
v e s t i s s e m e n t ,  M o n s i e u r  Y v e s  L e p o r t z .

L e  G o u v e r n e m e n t  p o r t u g a i s  s o u h a i t e r a i t  q u e ,  p o r  
c e t t e  n o u v e l l e  e x t e n s i o n ,  l a  C o m m u n a u té  p u i s s e  e n v i s a g e r  u n  
m o n t a n t  p l u s  é l e v é  q u e  c e l u i  q u ' i l  a  é t é  p o s s i b l e  d ' a c c o r d e r  
p o u r  l a  t r a n c h e  a c t u e l l e  e t  q u i  p o u r r a i t  ê t r e  d e  l ' o r d r e  d e  
g r a n d e u r  d e m a n d é  â  l ' é p o q u e  p o u r  c e t t e  t r a n c h e .
J e  m ' a d r e s s e ,  a u s s i ,  s u r  c e t t e  m a t i è r e ,  a u  V i c e  
P r é s i d e n t  d e  l a  C o m m i s s i o n  d e s  C o m m u n a u té s  E u r o p é e n n e s ,  M o n ­
s i e u r  F r a n ç o i s - X a v i e r  O r t o l i .
V e u i l l e z  a g r é e r ,  M o n s i e u r  l e  V i c e  P r é s i d e n t ,  l ' e x ­
p r e s s i o n  d e  m a h a u t e  c o n s i d é r a t i o n ^
(Ernâni Rodrigues Lopes)  
Ministre des Finances et du Plan
M . L o r e n z o  N a t a l i
V i c e - P r é s i d e n t  d e  l a  C o m m i s s i o n  d e s  C o m m u n a u t é s  E u r o p é e n n e s  
R u e  d e  l a  L o i ,  2 0 0  
1  0 4 9  B r u x e l l e s