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COM (84) 376 
 
 
 
Vol. 1984/0 161 
  
 
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 openi ng to the public of the historical archives of the European Econom ic 
Community and the European Atomic 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), this f ile 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. 
Februar 198 3 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 vom 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
General SecretariatCOM(84) 376 final  
Brussels, 5  July 1984
FO R OFFICIAL U S E  ONLY
NEG O TIA TIO N S F O R  T H E  A C C E S S IO N  O F  SPAIN
Proposal
concerning the inclusion of the peseta in the E C U
(Commission Communication to the Council)
C O M (84) 376 final

E X P L A N A T O R Y  M E M O R A N D U M
In the context of the examination of secondary Legislation in the economic  
and financial affairs chapter, the inclusion of the peseta in the E C U  is  
a  problem o n  which the Com m unity has yet to specify its position.
Negotiations have already been held o n  this matter with the Spanish  
authorities but n o  agreement has yet been reached. In the course of the  
negotiations the Monetary Committee has twice given its opinion.
The Com m unity position set out in this draft m e m o  is in accordance with  
the Monetary Committee's opinion.
It is proposed that the Com m ission approve the attached communication and decide  
to present it to the Council.

1- In its statement presented o n  6 June 1980 at the 6th meeting of the  
conference at Deputy Level,1  the Com m unity delegation said it considered  
that the peseta would in due course have to be included in the E C U  because  
of the ECU's various functions in the Com m unity mechanisms.
The Community, nevertheless, reserved the right to specify its position o n  
the practical arrangements for such inclusion at a  later stage in the  
negotiations.
2. In the light of the subsequent discussions with the Spanish authorities,  
the Commission proposed to the Council o n  28 January 19822  that the  
peseta be included as soon as the weightings of the currencies making u p  
the E C U  were adjusted in accordance with the procedures and conditions laid d o w n  
in the European Council's resolution of 5  Decem ber 1978 o n  the European Monetary  
System, and that, in any event, the peseta be included no later than five  
years after the date of Spain's accession.
A t the meeting of the Council ad hoc Working Party on 8 February 1982,  
it w as requested that the Monetary Committee be consulted on the matter.
The Monetary Committee, which is anxious to maintain the conditions required  
for the proper functioning of the E M S , based o n  as stable an E C U  as possible,  
rejected the idea of setting a  date in advance for including the peseta in the  
E C U . O n  10 February it delivered the following opinion:
"The Community, like the Portuguese/Spanish delegation, considers that the  
decision on the conditions for the inclusion of the escudo/peseta in the E C U  
could in any case be taken after accession."
1C0NF-E/28/80.2C0MC82)16 final.

This text h as b een  incorporated a s  it stands b y  the Council in its  
statements to the tw o  applicant countries.1  In the statements w h ich  
they m a d e  in reply, the Spanish authorities said they could not  
accept these proposals an d  proposed a  formula identical to that adopted  
for the d rach m a (i.e. inclusion, after accession, o n ce the weightings  
of the currencies m aking u p  the E C U  h ave b een  reviewed, or, in a n y  event,  
n o  later than five years after the date of accession).
3. T h e  Council then said it w ould like the M onetary C om m ittee to  
undertake a  detailed examination of this problem, and, a s  noted in the
record of its meeting o n  2 5  February, the Perm anent Representatives  
C om m ittee stated:
"T h e question of the inclusion of the applicant countries' currencies  
in the E C U  should b e  exam ined in greater depth b y  the M onetary C om m ittee  
in a  m o re  general context a n d  in the light of Portugal's (and Spain's)  
reactions to the position adopted b y  the C o m m u n ity  o n  the basis of the  
M onetary Committee's first opinion."*
W h e n  consulted, the Monetary C om m ittee confirmed a n d  developed its  
previous position. It delivered the following opinion o n  1 5  D e c e m b e r 1982
"In conclusion, a n d  subject to the last sentence of this paragraph, the  
Com m ittee notes that in present circumstances each M e m b e r State h a s  the  
right in principle that its currency b e  included in the E C U  in the  
fram ework of a  C o m m u n ity  procedure. H ow ever, the C om m ittee considers  
that the exercise of this right d o e s  not correspond to the requirements  
of the E M S . T h e  countries concerned will in an y  event h ave to consult  
the M onetary Com m ittee before an y decision is taken to include their  
currencies in the E C U . In a n y  case, unless o n e of these currencies w ere  
entering the exchange rate m e c h a n is m  of the E M S , s u c h  inclusion could only  
occur at the time of o n e  of the regular reviews of the weights of  
currencies in the E C U . T h e  composition of the E C U  m a y  well h ave to b e  
reviewed in d u e  course in the light of the steps currently being taken  
to develop its role."
1CONF-E/18/82 of 2  M a rc h  1982.2CONF-E/21/82 of 1 1  M a rc h  1982.*Unofficial translation.

The Monetary Committee therefore refused to recom m end that the procedure  
previously adopted in the case of the drachma be followed, largely for  
the following reasons:
(i) w hen Greek accession w as being negotiated, the E M S  did not yet  
exist and the EC U , then called the E U A , functioned only as a  
unit of account in the Com m unity institutions' administrative  
operations;
( ii)  m ovem ents in the currencies not participating in the E M S  exchange-  
rate mechanism have had significant disruptive effects on E C U  
central rates;
( i i i )  the development of the private E C U  market, which goes back only
to 1981, presupposes that the reviews of the basket are undertaken  
systematically, in accordance with the procedures and timetable  
laid d o w n  in 1978, and also that the com ponent currencies are  
reasonably stable;
(iv) lastly, the development of the monetary integration process m a y  
be such that the M em b er States will ultimately reconsider the  
very definition of the E C U  as a  basket of M em ber States' currencies.
Commission's proposal
In the light of the above, and largely o n  the basis of the Monetary  
Committee's second opinion, the Com m ission proposes the following:
"In the light of the present definition of the E C U  and subject to a  
review of the E C U  which might prove necessary depending o n  h o w  its role  
develops, the Com m unity and the Spanish delegation note that each  
M em ber State has the right in principle for its currency to be included  
in the E C U  in the framework of a  Com m unity procedure. However, the  
Committee considers that the exercise of this right does not necessarily  
correspond to the requirements of the E M S . In any case, the decision  
to include the peseta could be taken, following consultation of the  
Monetary Committee, only at the time of one of the regular reviews of  
the weights of currencies in the ECU."