AN ADEQUATE LEVEL OF INVESTMENT BOTH IN ALTERNATIVES TO OIL AND IN THE MORE RATIONAL USE OF ENERGY . FORECASTS FOR ENERGY-RELATED INVESTMENT SUGGEST THAT ITS VOLUME WILL RISE FROM AROUND 1.6 % OF GDP NOW TO 2.2 % ON AVERAGE FOR THE PRESENT DECADE , WHICH WOULD REPRESENT 9 TO 10 % OF TOTAL INVESTMENT , IMPLYING EXPENDITURE OF SOME 500 BILLION ECU . THE COMMISSION HAS DOUBTS WHETHER THESE FORECASTS CAN BE ACHIEVED WITHOUT NEW ACTION WITHIN THE COMMUNITY . BUT EVEN IF THEY WERE ACHIEVED , THE LEVEL OF ENERGY INVESTMENT WOULD STILL ONLY AMOUNT TO ABOUT HALF THE RELATIVE EFFORT OF THE UNITED STATES AND TWO-THIRDS THAT OF JAPAN ( IN ALL CASES MEASURED IN THE BASIS OF ENERGY INVESTMENT AS A SHARE OF GDP ) ;
( II ) THE DEVELOPMENT OF A COMMON APPROACH TO ENERGY PRICE AND TAXATION . IN THE LATTER FIELD THE COMMISSION HAS MADE MORE DETAILED PROPOSALS IN A COMMUNICATION ON THE " TAXATION OF OIL PRODUCTS " ( COM ( 81 ) 511 , 9 SEPTEMBER 1981 ) , SUGGESTING PRINCIPLES FOR A COORDINATED APPROACH INVOLVING THE SETTING OF TARGET ZONES FOR TAX PRESSURE ON THE MAIN OIL PRODUCTS , AND PRINCIPLES FOR THE ELIMINATION OF EXEMPTIONS , SUBSIDIES OR REDUCED RATES FOR SPECIFIC USERS . A CONSTRUCTIVE USE OF ENERGY TAX INSTRUMENTS COULD BE ONE OF THE MOST POWERFUL POSSIBLE POLICY ACTIONS TO INDUCE THE ECONOMY TO MAKE EMPLOYMENT-INTENSIVE INVESTMENT ;
( III ) THE ESTABLISHMENT OF CREDIBLE MEASURES FOR SUB-CRISIS MANAGEMENT FOR OIL SUPPLY IN THE COMMUNITY ;
( IV ) THE REINFORCEMENT OF COMMON POLICIES IN THE FIELDS OF RESEARCH , DEVELOPMENT AND TECHNOLOGICAL DEMONSTRATION ;
( V ) THE FURTHER DEVELOPMENT OF COMMON INITIATIVES IN EXTERNAL ENERGY RELATIONS , ESPECIALLY IN RELATION TO THE DEVELOPING WORLD ;
IT WILL TAKE TIME FOR THE FUNDAMENTAL ECONOMIC REMEDIES TO UNEMPLOYMENT TO BUILD UP THEIR EFFECTS .
HOWEVER , A START HAS BEEN MADE IN THE COMMUNITY TOWARDS BUILDING UP RECOGNITION OF THE SCOPE FOR A COMMON AND CONSTRUCTIVE APPROACH , NOTABLY AT THE JOINT COUNCIL MEETING OF FINANCE AND SOCIAL MINISTERS IN JUNE OF THIS YEAR . THE CONCLUSIONS OF THE PRESIDENCY AT THAT MEETING ACCORDED WITH THE VIEWS OF THE COMMISSION THAT A COMPREHENSIVE POLICY RESPONSE IS REQUIRED TO THE TWIN CHALLENGES OF REDUCING INFLATION AND UNEMPLOYMENT . THERE IS AGREEMENT FOR EXAMPLE ON THE NEED TO PURSUE EMPLOYMENT EXPANSION IN AREAS OF TECHNOLOGICAL INNOVATION AND THE ENERGY SECTOR , AND SMALL-SCALE JOB CREATION . THE FINANCIAL BURDEN PLACED ON EMPLOYERS BY PARTICULAR METHODS OF FINANCING SOCIAL SECURITY NEEDS TO BE REVIEWED , AND A MORE TRANSPARENT AND COHERENT ANALYSIS IS NEEDED OF THE IMPACT OF PUBLIC EXPENDITURE ON EMPLOYMENT AND GROWTH . THERE IS ALSO AGREEMENT ON THE NEED FOR DIRECT ACTIONS TO EASE UNEMPLOYMENT .
WITH REGARD TO THE PARTICULARLY ACUTE PROBLEM OF YOUTH UNEMPLOYMENT , THE COMMISSION HAS CARRIED THE DEBATE A STEP FURTHER IN PROPOSING A COMMON OBJECTIVE IN ITS FOREWORD TO