Antonio NICOLETTI (*)

We have said most or even everything that could be said from a theoretical
point of view. I do not intend to start the discussion ali over again. My job in
the Community is to see to the actual issuing and that is why I am bringing
the discussion down to an extremely practical level.
Ideally the public and private sectors ought to find an agreement, for on
one hand the private sector is actually trying to do something, and on the
other the public authorities issue statements. However, at times we are
confronted by bureaucratic and legai problems which seem to have no solution. The following conditions ought to be fulfilled if the Commission is to
have the ideai conditions for an ECU issue: the nine member states ought
to have the same monetary regulations; centrai banks ought to be prepared to grant ali necessary authorizations; the psychological factors must
be overcome. This would stili leave us with a problem, i.e.: finding customers, purchasers ready to accept the ECUs.
We have not yet reached this point; however it is the Commission's firm intention to issue ECUs, and we have put ali our efforts into it. Proof of it is
that we have been studying the problem since 1973-74 both within the
Commission and with the E.I.B .. According to a recent study we have practically reached the same conclusions, and intend to do our utmost to proceed and have these issues. The obstacles we met while studying the
problems made us cautious, for the European Commission cannot afford a
failure in a case such as this. There cannot be just one issue, an unrepeated event: right from the beginning it must have a market with a strong potential, and it must guarantee a regular source of supply. But most of all, it
is essential that this first market should be followed by a second one, the
creation of an ECU market.
(*) Director Generai - Directorate Generai XVIII - Credit and Investments, Commission of the
European Communities.

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