ARCHIVES HISTORIQUES
DELACOMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (77)664
V ol.1977/0212

Disclaimer
Conformément aurèglement (CEE, Euratom) n°354/83 duConseil du1erfévrier 1983
concernant l'ouverture aupublic des archives historiques delaCommunauté économique
européenne etdelaCommunauté européenne del'énergie atomique (JO L43du15.2.1983,
p.1),telque modifié parlerèglement (CE, Euratom) n°1700/2003 du22septembre 2003
(JO L243du27.9.2003, p.1),cedossier estouvert aupublic. Lecaséchéant, lesdocuments
classifiés présents dans cedossier ontétédéclassifiés conformément àl'article 5dudit
règlement.
Inaccordance with Council Regulation (EEC, Euratom) No354/83 of 1February 1983
concerning theopening tothepublic ofthehistorical archives oftheEuropean Economic
Community and theEuropean Atomic Energy Community (OJ L43, 15.2.1983, p.1),as
amended byRegulation (EC, Euratom) No1700/2003 of22September 2003 (OJ L243,
27.9.2003, p.1),this fileisopen tothepublic. Where necessary, classified documents inthis
filehave been declassified inconformity with Article 5oftheaforementioned regulation.
InÜbereinstimmung mitderVerordnung (EWG, Euratom) Nr.354/83 des Rates vom 1.
Februar 1983 über die Freigabe der historischen Archive der Europäischen
Wirtschaftsgemeinschaft undderEuropäischen Atomgemeinschaft (ABI. L43vom 15.2.1983,
S.1),geändert durch dieVerordnung (EG, Euratom) Nr.1700/2003 vom 22.September 2003
(ABI. L243 vom 27.9.2003, S.1),istdiese Datei derÖffentlichkeit zugänglich. Soweit
erforderlich, wurden dieVerschlusssachen indieser Datei inÜbereinstimmung mitArtikel 5
dergenannten Verordnung freigegeben.

COMMISSION OF THE EUROPEAN COMMUNITIES
COM(77)664 final .
, Brussels ,16December 1977
ACCESSION NEGOTIATIONS WITH GREECE
Eighth Report
ontheexamination ofCommunity secondary legislation
(Acts relating totheeconomic and .financial fields )
(Communication from theCommission totheCouncil )
0011(77 )664final .

1.Incontinuation ofthe examination ofCommunity secondary legislation in
accordance with thebrief received from the Council ,the Commission has
examined with the Greek Delegation allthe general acts oftheinstitutions
ofthe EEC inthe economic andfinancial fields which were inforoe on
31January 19T7 •
However ,this examination did not cover the following acts ,which itwas
felt should beexamined inthe context ofother sectoral categories :
Council Directive of31May 1963 (63/340/EEC)ontheabolition ofall
prohibitions onorobstacles topayments for services where the only
restrictions onexchange ofservices are those governing such payments .
(OJNo86,10.6.1963 ,p.1609/63)
Council Directive of30July 1963 (63/474/eEC),liberalizing transfers in
respect ofinvisible transactions not connected with the movement ofgoods ,
services ,capital orpersons .
(OJNo125,17.8.1963 ,p.2240/63)
ι
Council Decision of29June 1976 (76/568/EEC)ontheassociation ofthe
overseas countries andterritories with the European Economic Community .
(OJL176,1.7.1976 ,p.8)
2.The examination isincomplete since notallthetexts concerning the
European Monetary Cooperation Fund (EMCF )were looked at.Certain legal
texts relating tothe EMCF are published oratleast made public but the
eight decisions andthree directives adopted tythe Board ofGovernors
prior to31January 1977 have been neither published nor made public ,as
they are considered tobeinternal acts ofaconfidential nature ;the
Commission therefore considered that they could not becommunicated to
the Greek Delegation without theprior agreement ofthe body inquestion .
The examination ofsecondary legislation inthis sector was therefore
limited tothetexts which had been published ormade public .
The Board ofGovernors ofthe EMCP has since agreed that theinternal
directives anddecisions may becommunicated tothe Greek Delegation .,
The Commission therefore reserves theright topresent tothe Council ,if
necessary andatalater date ,anaddendum tothis report dealing with the
acts inquestion .

-2-
3»There arethree annexes tothis report :
Annex Ilists theacts notrequiring anytechnical adaptation .Nevertheless ,
some ofthem arelikely togive rise tocertain problems ,asindicated below .
Annex IIlists the acts inrespect ofwhich technical adaptations are
necessary andtheprecise nature ofthose adaptations .
Annex IIIlists theacts inrespect ofwhich theGreek Delegation hasstated
that itintends toreqxiest deferment oftheir implementation inGreece
within theframework ofthetransitional period .
4*TheCommission considers that thefollowing additional observations and .
comments are called for :
(a)European unit ofaccount
TheGreek Delegation hasindicated that itconsiders theproblem ofthe
inclusion ofthedrachma ,intheEUAbasket tobeapolitical question and
that itistherefore asubstantive matter tobedealt with inthe
negotiations .
TheCommission sees thefollowing difficulties inconnection with the
inclusion ofthe drachma inthe EUA basket :
(i)there isnoreal exchange market inAthens ;
(ii)inaddition ,thedrachma isnotquoted officially ontheexchange
markets oftheCommunity countries ;
(iii)inclusion ofthedrachma would mean that there would betwodifferent
EUAs until thecontracts denominated inthecurrent EUA expired .
Thefirst twopoints arebound upwith thefact that theCommission has to
calculate thevalue oftheEUAeach day "using daily market exchange rates "
(seeArticle 2oftheCouncil Decision of21April 1975 (75/250/EKJ)and
ofCommission Decision 3289/75/sCSC of18December 1975)*T*1®Commission is

-3-
continuing tostudy this problem .Inanycase itconsiders that if
dioiiCGsiono 'atthepolitical level "should result inaccept&nce ofthe
principle ofincluding thedrachma inthe EUAbasket ,inclusion should
fcedeferred until thefirst twoconditions referred toabove arenet,
andalso inorder toensure that the inclusion ofthe drachma inthe
EUAbasket does notresult inanumber ofEuropean units ofaccount
existing side byside for alengthy period ;such asituation would run
counter toone ofthe prime objectives ofthe introduction ofthe EUA-
namely ,toreduce theconsiderable number ofunits ofaccount atpresent
inuse-andwould consequently result inless use being made ofthe EUA.
Accordingly ,thefollowing acts have notbeen included inanyofthe Annexes ,
pending theadoption ofpolitical decisions which will make itpossible to
classify them :
Council Decision of21April 1975 (75/250/EEC)onthedefinition and
conversion ofthe European unit ofaccount used for expressing the amounts
ofaid mentioned inArticle 42ofthe ACP-EEC Convention ofLome .
(OJL104,24.4.1975 ,P.35)
Commission Decision 3289/75/®2!3C of18December 1975 onthedefinition and
conversion ofthe unit ofaccount tobeused indecisions ,recommendations ,
 opinions and communiques for the purposes oftheTreaty establishing the
European Coal and Steel Community .
(OJL327,19.12 1975 ,P.4)
(b)Free movement ofcapital
Itwasfound that the twodirectives onthefree movement ofcapital (see
Annex I,Bos 21and 22)didnotneed anytechnioal adaptation .

-4-
However ,-theGreek Delegation stated that itwould berequesting atransitional
period fortheliberalization ofcapital movements . The content andduration
ofthis period will therefore bematters for negotiation . The Commission
Delegation noted this request ,details ofwhich were subsequently given inthe
statement mMe tythe Greek Delegation atthe sixth session ofthe Conference
atDeputy level on9June 1977 (see CONF-GR /29/77)»ant*the Community Delegation
gave itsreply inthe statement itmade atthe eighth session atDeputy level
on23September 1977 (see CONF-GR /45/77)•Details oftheacts inquestion are
given inAnnex III.
(c)Obligations ofthe Member States asregards short-term monetary support ,
medium-term financial assistance and Community loans
The Greek Delegation wished toknow whether the technical adaptations tobe
made tocertain acts inorder toensure Greece *sparticipation inthe various
i
Community financing mechanisms *would mean that Greece would have tobear a
share ofthe financing and guarantee obligations relating toloans accorded
before its accession .
The Commission considers that ,asregards financing ,the question ofGreek
participation cannot arise since the operations inquestion involve sums which
Member States ortheir central banks have already placed atthe disposal ofthe
recipients (Member States orcentral banks ).
Asregards guarantees ,the question ofaGreek contribution does notarise where
the guarantee isprovided bythe Community inthe form ofanentry inthe Budget .
Inthe only case where the Community receives aguarantee from the Member States –
that is,pursuant toRegulation No398/75concerning Community loans –the
guarantee ismerely latent and would beinvoked only inthe event ofdefault on
the part ofthe recipient Member State . .From the internal standpoint ofthe
enlarged Community ,Greece should therefore participate inthis guarantee system .
Nevertheless itcould benecessary ,inview ofthe contracts already concluded
between the Community asatpresent constituted and suppliers offunds ,totake
account ofinformation brought tothe attention ofthe market and investors and
hence tomaintain thebreakdown setoutinRegulation No398/75*
*
See Annex II:Short-term monetary support ,No 1
Medium-term financial assistance ,No2
Community loans ,Nos 4and 5*

(d)Stability ,growl ;handfull employment
Inconnection with the Council Directive of18February 1974
(74/121/EEC)onstability ,.growth andfull employment inthe Community
(OJL63,5•3.1974 »P«19)» must bepointed outthat Greece does
not possess the open market instrument required for thefull
implementation ofthe Directive . The Greek Delegation considered that
amonetary and capital market could bedeveloped rapidly andthat the
problems related tothe establishment ofthe instrument inquestion could
therefore beresolved inthe foreseeable future . Nevertheless there
remains the question ofwhether the act ofaccession should stipulate a
tim^-limit forthis soastooblige the Greek authorities totake the
necessary measures rapidly .

Annex I
ACTS NOT REQUIRING TECHNICAL ADAPTATIONS
ECONOMIC AND MONETARY UNION
1.Resolution ofthe Council and ofthe Representatives ofthe Governments
ofthe Member States of22March 1971 onthe phased establishment of
economic and monetary union inthe Community .
(OJL28,27.3.1971 ,P.1)
2.Resolution ofthe Council and ofthe Representatives ofthe Governments
ofthe Member States of21March 1972 onthe application ofthe
Resolution of22March 1971 onthe attainment "bystages ofeconomic and
monetary union inthe Community .
(OJC38,18.4.1972 ,p.3)
MONETARY COOPERATION
3.Council Decision of8May 1964(64/3OO/EEC)oncooperation "between the
Central Banks ofthe Member States ofthe European Economic Community .
(OJNo77,21.5.1964 ,p.1206 )
4.Rules ofprocedure ofthe Committee ofGovernors ofthe Central Banks
ofthe Member States oftheEuropean Economio Community (12October 1964).
5.Council Decision of8May 1964 (64/301/EEC)oncooperation between
Member States inthefield ofinternational monetary relations .
(OJNo77,21.5.1964 ,p.1207 )
6.Declaration of8May 1964 (64/306/EEC)oftheRepresentatives ofthe
Governments ofthe Member States ofthe European Economic Community '
met together inthe Council regarding the organization ofadvance
consultations between the Member States inthe event ofchanges inthe
exchange parities oftheir currencies .
(OJNo78,22.5.1964 ,P.1226 )
7.Extracts from theminutes ofthe35th meeting (8December 1969 )ofthe
Committee ofGovernors ofthe Central Banks ofthe Member States ofthe
European Economic Community concerning the Community system ofshort-term
monetary support .
8.Agreement of9February 1970 setting upasystem ofshort-term monetary
support among the Central Banks ofthe Member States ofthe European
Economic Community .

-7-
ANNEX I
9.Council Decision of22March 1971 (71/142/EEC)on "thestrengthening
ofcooperation "between the Central Banks ofthe Member States of
the European Economic Community .
10.Agreement of10April 1972 between theCentral Banks ofthe Member
States ofthe Community onthe narrowing ofthe margins of
fluctuation between Community currencies .
11.Instrument dated 8January 1973 relating totheaccession ofthe
Central Banks ofDenmark ,Ireland and the United Kingdom tothe
Agreement of9February 1970 .
12.Council statement of12March 1973 onthe review ofmeasxires tobe
taken todeal with theinternational monetary crisis .
13.Council Regulation (EEC)NO907/73of3April 1973 establishing a
European Monetary Cooperation Bhind .
(OJL89,5.4.1973 ,p.2)
14.Provisional rules ofprocedure ofthe European Monetary Cooperation
Fund .(Text adopted bytheCouncil oftheEuropean Communities and
theBoard ofGovernors ofthe Fund on28June 1973 ).
15.Decision ofthe Representatives ofthe Governments ofthe Member
States of24July 1973 (73/208/EEC)ontheprovisional location
ofthe European Monetary Cooperation Fund .
(OJL207,28.7.1973 ,p.-46)
MEDIUM –TERM FINANCIAL ASSISTANCE
16.Council Decision of18December 1975 (75/785/EEC)renewing the
machinery for medium-term financial assistance .
(OJL330,24.12.1975 ,P.50)
17.Council Directive of17Deoember 1974 (74/637/EBC)granting
medium –term financial assistance totheItalian Republic .
(OJL341,20.12.1974 ,p.51)
18.Council Directive of18December 1975 (75/784/EEC)adapting the
conditions laid down for the grant ofmedium –term financial
assistance totheItalian Republic *
(OJL330,24.12.1975 ,P.4Q).

-8-ANNEX I
INTERNATIONAL CAPITAL FLOWS
19*Council Directive of21March 1972 (72/156/EEC)onregulating
international capital flows andneutralizing their undesirable
effects ondomestic liquidity .
(OJL91.18.4.1972 ,p.13)
UNIT OF ACCOUNT
20.Council Directive of29June 1976 (76/580/EEC)amending Directive
73/239/EEC onthecoordination oflaws ,regulations andadministrative
provisions relating tothe taking upand pursuit ofthebusiness
ofdirect insurance other than life insuranoe .
(OJL189,13.7.1976 ,p.13)
FREE MOVEMENT OF CAPITAL
21.First Council Directive of11May i960 forthe implementation of
Article 67ofthe Treaty . ,
(OJ12.7.1960 ,p.921/60)
22.Second Council Directive of18December 1962 (63/21/EEC)adding to
and amending theFirst Direotive forthe implementation ofArticle 67
ofthe Treaty .
(0J22.1.1963 ,p.62/63)
23.Commission Decision of4December 1968 (68/4O6/EEC)authorizing the
French Republic totake certain protective measures under Article 108(3 )
ofthe Treaty .
(OJL295,7.12.1968 ,p.10)
24.Commission Decision of5May 1976 (76/446/EEC)authorizing theItalian
Republic totake certain protective measures under Article 108(3 )
ofthe Treaty .
(OJL120,7.5.1976 ,p.30)
25»Commission Decision of21July 1976 (76/6I4/EBC)authorizing the
Italian Republic tomaintain oertain protective measures under
Article 108(3 )oftheTreaty ,
(OJL196,22.7.197 6,p.20)

-9-
ANNEX I
26.Commission Decision of29September 1976 (76/773/EEC)amending theDecision of21July 1976 authorizing theItalian Republic to
maintain certain protective measures under Article 108(3 )oftheTreaty .
(0JL268,1.10.1976 ,p.59)
27.Commission Decision of23July I975 (75/487/EEC)authorizing the
United Kingdom totake certain protective measures inaccordance
with Article 108(3 )oftheTreaty establishing theEuropean Economio
Community .
(OJL211,9.8.1975 ,P.29)
28.Council Decision of11MayI960 ontheapplication toAlgeria and
theFrench overseas departments oftheprovisions oftheTreaty
concerning capital movements .
(OJ12.7.1960 ,p.919/60)
29.Council Decision of25February 1964 (64/350/EEC)ontheapplication
tothe French overseas departments ofcertain provisions ofthe
Treaty relating totheright ofestablishment andtopayments .
(0J11.6.1964 ,p.1484 )
COMMUNITY LOANS
30.Council Decision of15March 1976 (76/322/EEC)concerning aCommunity
loan infavour oftheItalian Republic and ofIreland .
(OJL77,24.3.1976 ,p.12)
31.Council Decision of15March 1976 (76/323/EEC)fixing theeconomio
policy conditions tobeobserved byIreland .
(OJL77,24.3.1976 ,p.15)
32.Council Decision of15March 1976 (76/324/EEC)fixing the economio
policy conditions tobeobserved bytheItalian Republic .
(OJL77,24.3.1976 ,p.16)
33.Council Decision of20September 1976 (76/771/EBC)concerning the
changing ofatranche ofaCommunity loan from variable tofixed
rates ofinterest .
(OJL265,29.9.1976 ,p.27)

10- ANNEX I
MONETARY COMMITTEE
34.Counoil Decision of2April 1962 amending the Rules governing "the
Monetary Committee .
(0J30.4.1962 ,p.1064 )
35.Council Decision of25March 1976(76/332/EEC)amending theDecision
of18March 1958 laying down theRules governing theMonetary
Committee .
(OJL84,31.3.1976 ,p.56)
CONVERGENCE OF ECONOMIC POLICIES
36.Council Decision of'18February 1974 (74/l22/EBC)setting upan
Economio Policy Committee .
(OJL63,5.3.1974 ,p.21)
37.Council Decision of18February 1974 (74/120/EEC)ontheattainment
ofahigh degree ofconvergence ofthe economio policies ofthe
Member States of "the European Economic Community .
(OJL63.5.3.1974 ,p.16)
38.Council Decision of18December 1975 (75/787/EEC)onanamendment
tothe timetable for the preparation ofthe annual report onthe
economic situation inthe Community .
(OJL330,24.12.1975 ,P.52)
39.Council Decision of26July 1976 (76/646/EBC)onthepreparation of
public budgets for 1977 *
(OJL229,20.8.1976 ,p.1)
40.Commission Recommendation of23July 1975 (75/446/EEC)toMember
States concerning the measures tocombat therecession .
(OJL209,7.8.1975 ,P. .30)
STABILITY .GROWTH AND RJLL EMPLOYMENT
41.Council Directive of18February 1974 (74/121/EEC)onstability ,
growth andfull employment inthe Community .
(OJL63,5.3.I974 ,P.19)
42.Joint statement adapted atthe end ofthetripartite conference on
employment andstability inthe Community ,24June 1976.
(OJc173,28.7.1976 ,p.1)

-11- ANNEX I
MEDIUM-TERM ECONOMIC POLICY
43*Fourth medium –"term economio policy programme .
Thediscussions were based onthedraft programme (OJC12,17«l»1977f
P»l)

-12-
ANNEX II
ACTS REQUIRING TECHNICAL ADAPTATIONS
MONETARY COOPERATION
1.With regard toshort-term monetary support ,technical adaptations
will have to "bemade tothe debtor and creditor quota lists with
aview toincluding quotas for Greece ;the question arises of
whether the maximum amount of1500million' European monetary -
units ofaccount set asthetotal for extensions "beyond the debtor
and creditor quotas should also "bechanged -;however ,there have
not yet "been any discussions with the Greek Delegation onthe
relevant EMCF texts (seesection 2ofthis report ).Without
prejudice toadaptation ofthe EMCF acts ,itwill inany event be
necessary toadapt theCouncil Resolution of18February 1974
concerning short-term monetary support byincluding quotas for •
Greece .
MEDIUM-TERM FINANCIAL ASSISTANCE
2.Council Decision of22March 1971 (71/143/EBC)setting upmachinery
formedium-term financial assistance (OJL73,27«3.1971 »P»15)»
asamended byActs concerning theAccession (OJL73,27.3.1972 ,
P.94):
inArticle 1(2)itshould bemade clear ,aswas done onthe
occasion ofthefirst enlargement ofthe Community (OJL73,27.3.1972 ,p.94)that theobligation referred inArticle l(l)
shall apply from the date ofGreece 'saccession and shall
cease tohave effeot whenever itceases tohave effect as
regards the other Member States ;
the annex giving details oftheceilings forcredits provided
forinArticle l(l)should bereplaced byanew annex giving
theceiling forcredits asregards Greece ,and anew percentage
breakdown .
RATES OF EXCHANGE USED IN THE APPLICATION OF SOCIAL SECURITY SCHEMES
TO EMPLOYED PERSONS AND THEIR FAMILIES MOVING WITHIN THE COMMUNITY
3.Council Regulation (EEC)NO2639/74of15October 1974 amending
Article 107ofRegulation (EEC)NO574/72fixing theprocedure
forimplementing Regulation (EEC)No1408/71ontheapplication
ofsocial security schemes toemployed persons andtheir families
moving within the Community .
(OJL283,i9.lO.i974 ,p.1)
InArticle l(3)itisnecessary toaddapoint (h)determining
the exchange rate tobeadopted forthe drachma forthe purposes
ofArticle 107(1)00 Council Regulation (EEC)NO574/72of
21March 1972 .

-13-
ANNEX II
COMMUNITY LOANS
4»Council Regulation (EEC)No397/75of17February 1975
concerning Community loans .
(OJL46,20.2.1975 ,P.1)
InArticle 6apercentage for Greece should "beadded tothe
list pfpercentages determining for each country the maximum
amount ofthe guarantees designed toensure that the loans
referred toinArticle 1are serviced and repaid inall
circumstances .
Ifnecessary ,provision will have to "bemade formaintaining
the current "breakdown quotas inrespect ofexisting loan
contracts .
5.Council Regulation (EEC)NO398/75of17February 1975
implementing Regulation (EEC)No397/75ooncerning Community loans .
(QJL46,20.2.1975 ,p.3)
InArticle 2itwill benecessary toreplace the scale
determining the amount offoreign exchange tobeprovided
byeach Member State pursuant toArticle 1byanew scale
including apercentage for Greece .
MONETARY COMMITTEE
6.Council Decision of18March 1958 laying down the Rules
governing theMonetary Committee (OJ6.10.1958 ,p.390),as
amended bytheAct ofAccession of22January 1972 (Annex I,
Section VII,(l)):
inArticle 7,"the word "eleven "isreplaced bythe word
"twelve ";
inthefirst paragraph ofArticle 10,the word "eleven "is
replaced bythe word "twelve ".

-14
ANNEX III
ACTS INRESPECT OP WHICH THE GREEK DELEGATION
HAS STATED THAT IT WILL REQUEST DEFERMENT OPIMPLEMENTATION
The two acts inquestion ,concerning theliberalization ofcapital
movements ,donot themselves require amendment :
1*First Council Directive of11May i960 forthe implementation of
Article 67ofthe Treaty ,
(OJ12.7.1960 ,P.921/60)
2.Second Council Directive of18December 1962 (63/21/EEC)adding
toand amending theFirst Directive for the implementation of
Article 67ofthe Treaty ,
(0J22.1.1963 ,p.62/63).