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Amended proposal for a Council decision empowering the Commission to borrow under the New Community Instrument for the purpose of promoting investment within the Community. COM (89) 440 final, 12 September 1989

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co^4MtsstoN OF THE EUROPEAN COMMUNITIES cOM(89) 440 finaI BrusseLs, 12 September 1989 Amended proposal for COUNCIL DECISION empowering the Copnission to borrow under Ehe New Community Instrunent for the purpose of promoting invegtment within the Connunitv (Prcsontcd by tnc Ccrnnlsstonthlrd paragraph ot Arilcte 149 Frrsuant to thcof thc EEC Treaty) Cd.o*l r,rffiD PxoP(EtL flffi, A cfltrerL DEcI,8ru empowering the Cornmiesion New Cmnunity Instrunent for inveetuent sithin borros under the purpose of promoting Comunity to the rbe (presented by the Comission under article 149' third paragraph of the EEC Treaty) (l tist of the nodificetions is aanexed to this new text; theee ere eosentially the onee requested by the European Parliament and the Econooic and Social Comittee) L 2. BXPI.ATATOTI ISTOTAIDUf, The New Connunlty Inscrusent (NCI) ls a flnanclal faclllty created ln Lg78 (1) etnpowerlng rhe Connlsslon 12; to borrow in che nane of the Euro- pean Economic Comunlty and to re-lend the funds 1n order Eo promote lnves- tment in the Cornmunity. The success of the flret experlment encouraged the use of the NCI, which has been renesed flve tloes (lncluding two speclal aid operatlons to help wlth reconstruction afE,er aatural desasters). The rotal voltme of rhe NCI reached nearly 61000 uillion ECU (3) ln 1987. I. THE tsASIS The Single European Acf, referrlng to the 'ot,ner ftnanclal ini$crunents" alongside the EIB, made clear that the Communlcyrs financi"al capaoilicy is one cortrponant, of the Connu+ityrj lnst:L!._u:i.gra,L-Lgl;ll:-3. h: that sense, ehe existence of the Comnunlty alongsJ-de che Eill is above all arr institutional necessity. Indeed, a) the Coruuunlry as such has a vital role row uo play, boch .rs gulde and as prouofer, in the uniry and the developrnent of Europe. To rhis ead, iu has the obligation - which lr cannot renonce - of, "f,lrst, setcing the priorlti.es and degrees of urgency fron Ehe poinr of view of the Comruunityrs interest, especla

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