Introductory text

THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Economic Community, and in particular Articles 100 and 113 thereof,

Having regard to the proposal from the Commission,

Whereas insurance and finance for export influence international trade flows and as such constitute a powerful instrument of commercial policy;

Whereas the increasing interdependence of the Member States' economies results in a trend towards the growth of export operations undertaken on a cooperative basis by a number of undertakings in different Member States;

Whereas such cooperation is a major, or even decisive, factor in the competitiveness of Community exports on third-country markets;

Whereas, accordingly, such cooperation should be encouraged, particularly in the field of subcontracting;

Whereas differences between the export guarantee and finance systems at present in force in the Member States may give rise to difficulties in the carrying out of such export operations;

Whereas joint insurance is a form of cooperation between credit insurers of different Member States which allows undertakings in those Member States to cooperate in export operations;

Whereas in consequence it is important to establish and extend the smooth operation of this form of cooperation between credit insurers;

Whereas, finally, the guarantee and finance systems in force in Member States have a direct effect on the working of the common market, and it would appear useful also to apply this form of cooperation in the field of intra-Community trade; whereas implementation of the present Directive does not however involve any modification of Member States' legislative provisions, and consultation of the European Parliament is therefore not compulsory,

HAS ADOPTED THIS DIRECTIVE: