THERE IS ON THE OTHER HAND , MUCH TO BE SAID IN FAVOUR OF A MORE RAPID ADJUSTMENT OF THE COMMUNITY ECONOMY , IN TERMS OF THE INTENSITY OF EFFORTS TO ECONOMIZE AND SUBSTITUTE OIL , TO MAKE MARKET MECHANISMS WORK MORE EFFICIENTLY , AND TO INCREASE THE SCALE OF INVESTMENT IN NEW PRODUCTIVE ENTERPRISES , WITH SUPPORTING ACTION TO PROVIDE AN ADEQUATE INFRASTRUCTURE AND A STRENGTHENING OF EDUCATION IN SKILLS DIRECTED TOWARDS NEW NEEDS . PRESSURES TOWARDS PROTECTIONISM IN A SITUATION OF A FUNDAMENTAL AND PAINFUL ECONOMIC CHANGES SHOULD BE OPPOSED BECAUSE THEY ARE INEFFICIENT , SHORT-TERM PALLIATIVES . HOWEVER , THIS ALSO REQUIRES A COMPARABLE ACCESS TO THE MARKETS OF OUR TRADING PARTNERS . THE EFFORTS OF POSITIVE ADJUSTMENT MUST ALSO INCLUDE EXTENSIVE REFORMS IN PUBLIC FINANCES ( ESPECIALLY OF CERTAIN MEMBER STATES ) . A LARGE RESPONSIBILITY FALLS ON THE SOCIAL PARTNERS FOR ACHIEVING A SLOWDOWN IN INFLATION AND FOR ASSURING A DISTRIBUTION OF INCOME ADEQUATE TO STIMULATE THE GROWTH OF PRODUCTIVE POTENTIAL ; IN THESE RESPECTS ADJUSTMENT TO THE REALITIES OF THE NEW OIL SHOCK HAVE NOT YET BEEN ACCEPTED IN ALL MEMBER STATES .
THE COMMUNITY IN THE MONTHS AHEAD WILL BE CONCERNED IN MORE DETAIL WITH THE ADEQUACY OF THESE EFFORTS AND OF THE PLAUSIBLE LEVEL OF AMBITION FOR MEDIUM-TERM ADJUSTMENT ( NOTABLY IN THE EXAMINATION OF NATIONAL ENERGY PROGRAMMES AIMED AT THE COMMUNITY'S 1990 TARGETS , AND IN THE PREPARATION OF ITS FIFTH MEDIUM-TERM PROGRAMME FOR 1980 TO 1985 ) .
( 5 ) THE HYPOTHETICAL INCREASE IN THE COMMUNITY'S OIL BILL DUE TO THE RISE IN OIL PRICES IN DOLLARS BETWEEN END 1978 AND END 1980 , ASSUMING NO CHANGE IN THE VOLUME OF OIL IMPORTS , REPRESENTS 3.4 % OF COMMUNITY GDP IN 1978 , OR 3.0 % TAKING ACCOUNT OF THE APPRECIATION OF THE ECU AGAINST THE DOLLAR . THE REDUCTION IN OIL IMPORT VOLUMES AND THE RISE IN THE COMMUNITY'S NOMINAL GDP BETWEEN 1978 AND 1980 LEAD TO AN ACTUAL RISE OF 1.6 % IN THE OIL IMPORT BILL AS A SHARE OF GDP IN THE CURRENT YEAR .
( 6 ) COMMUNITY DEFINITION .