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Communication from the Commission to the Council on the promotion of the international role of the ECU. COM (83) 274 final, 24 May 1983

Publication Date
Disciplines
  • Economics

Abstract

COMJ~ISSION OF THE EUROPEAN COMMUNITIES (\ COM(83) COM(83) 274 final Brussels, 24 May 1983 COMMUNICATION FROM THE COMMISSION TO THE COUNCIL ·~·, • j ·, I on the promotion of the internattort~l role o~, the ECU ' .• ·~· /, ,j•., ~· 'J.~~ •. " UNIVERSITY OF PITTSB U.RGH LIBRARIES JUL 2.1 1983 ORDER SIEC7T£ON 4 collsvs Text Box collsvs Text Box collsvs Text Box collsvs Text Box User Rectangle User Rectangle ··~--."' .... ·· .... ... t:::: ."· ~-- . ~: .. :.""'·~ ·- ·~ I Communication ftom the Commission to the Cbuncil 1. The conclusions of the Presidency of the European Council· ; n Bremen stipulated, in paragraph 1 of the annex, that the ECU should be at the heart of the EMS; the Resolution of the Brussels Europe.an C.a.unci l foresaw, in paragraph 2.7, that the ECU would b~ at the centre of the EMS. Both national and community authorities have repeatedly stressed the need to develop the role and usage of the ECU, b6~h public an~pcivate. This Communication deals only with the private use of.the ECU. 2. The private, use ~f1 the ECU; wqich commenced only two Y.ears ago, has taken off rapidly: it. is a method of invoicing which is becoming more .. ~ and mor·e.widespread, particularly in the case of multi-national com'panies; -its role as a means of payment should be reinforced by a better exploitation of the existing usage possbilities; it is, in some member states~ an increasingly important instrument for the denomination of financial investGent; finally, the-~olume of ECU-denominated issues makes it the third most used currency, after the dollar and the DM, for the floating of bonds on the international markets. 3. Nevertheless, steps must be taken to secure the development of the _.. private use of the ECU; such a development is, in fact, a necessary means of reinforcing the european monetary identity, internal and external. a) Increased use of the ECU would constitute, first of all, an important element in a

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