9058009846

SIJMMARY AND CONCMJSTONS

v i i

A 6 2 3 O

be pnrsued in t.he 1 nngftr run, woni d be t.o flnance su oh measures by an i n c r e a s e In 1 n d 1 r e c t. t. a x e s ( v a 1 u e a d d e d , or an addlt. ional t. ax on consurapt.ion finał goods ) , which woni d not. be borne by export.ed commodlt. 1 es ; however, thls mlght. be 1noonven1ent. in t.he short.er run, sińce 1t. co u ld cont.rihnt.e to develop a press u re on prices in t.he moment when expansive policies begln t.o t.ake off, whlch wonld be undeslrable.

(A) Morę in generał t.he effort.s t.owards expansion t.hrongh maoro-po1 1c1 es and t.owards addit.ional employment. programmes shoułd be different.1at.ed among country part.ners. The rule for sucb a d 1 f f erent. i a1.1 on shoułd be est.ahllsbed In advance and • a de to appl y quit.e a u t. oma 1.1 ca 1 1 y . Sucb a rule shoułd be linked t.o some indicat.ors of t.he trend of t.rade Inhalances wit.hln t.he group of count.ries part.1cipat.ing to t.he agreement. , so t.hat. t.he count.ries wbicb t.end to have a surplus In t.heir ba lance of t.rade wlth respect. to t.he others shoułd be those whlch are hound t.o pract.ice morę generously hot.h expansive and job creat.inn policies. Thls a tt. i tu de co u Id hecme eon t.rad 1 ct.ory in t.he longer run, sińce snch policies pos1t.1vely contr 1 bu te to growt.h, welfare and produot.1v1t.y. Tt will he odd, t.hus, to limit. t.he beneflt.s t.hat. t.he weakest. among t.he part.ners could get. However, it. is a sort. of ‘rnust. ' at. t.he beginnlng, when t.he risks and t.he possible costs, in t.erms of inf lation and above ałl 1n terws of International Inhalances, are hlgher. Because of t.he same reason 1t. would also be bett.er t.hat. t.he extent. of such policies be larger for those count.ries which have a hlgher t.rade surplus and a lower rat.e of i nf 1 at.ion in absolut.e t.erms.

(9)    A go od way for weakenlng t.he effect.s of t.he eon t. radie tions descrihed under (A) would be t.hat. of reconvert. Ing t.he u s e of F.uropean funds, in snch a way as t.o make morę resources t.o flow t.owards t.he count.ries which have hlgher unemp 1 nyment. rat.es or infra-F.uropean t.rade deficit.s.

(10)    A furt.her import ant inpl icatlon (t.he nint.h one) i s t.hat. t.he whole group of agreelng count.ries shoułd aim at ref lating t.he foreign demand for t.he goods prodneed wit.hln t.he area. Thls can be pursued by t.wo coordinat.ed set.s of measures. On one fiidft prov1ding a system of guaran tees and loans alraed at. fost.ering t.he t.rade bet.ween t.he area and a relevant. group of new developing count.ries. On t.he ot.her one by promot. ing long term contra ct.s bet.ween such count.ries and pools of firms helonging t.o different. count.ries wit.hln t.he iarea.

(11)    Morę 1n generał, t.he whole of agreelng count.ries shoułd promot.e a 'fair' degree of cowpe t. i t. i ve ness wit.h respect. t.o t.he rest. of t.he world, meaning by t.h 1 s t.he fact. t.hat. t.he abilit.y t.o conpete shoułd not. he based, as it. t.ends t.o be presently, on t.he erosion of la ho nr st.andards and on t.he compresslon of wages, but. rat.her on systemie effl ciency, on t.he maximura exploit.at.ion of Int.elligence and cni turę, on well planned Indust. rlal ooordinat.ion policies aiming at t.he yalorlzatinn of t.he complement.arit.ies and sinergies which appear t. o he pot.ent. ially aval labie w 1 t. h 1 n t.he F.uropean area.