I have said twice that our intention with this Communication is to rationalise and coordinate the instruments of economic policy without changing the law.

And it will be a long time before we have competent, public-spirited people controlling taxes, spending and other instruments of economic policy.

It appears that two issues have become confused in the course of the debate, namely economic policy and the instruments of economic policy.

However, that does not mean that the instruments of economic policy must be reduced to the imperative of territorial cohesion.

"The Objectives and Instruments of Economic Policy."

It is, on the contrary, a case of ensuring that there is a good policy-mix, as we say, between the two main instruments of economic policy, monetary policy and budgetary-taxation policy.

Using the powers conferred on it by the Treaty, it is the Commission's task to set out, in a coherent framework, the way in which it proposes to use the various instruments of economic policy.

"We are making preparatory work to start negotiations with GATT but we need instruments of economic policy comparable with the rules of GATT," Mr. Ivanov said in an interview.

It is essential to incorporate the existing instruments of economic policy, together with those to be created in the future, within a policy which seeks to achieve a uniform international shipbuilding market without distortions of competition and without dumping of any kind.

The remaining components of public expenditure and other instruments of economic policy depend very much on political factors, such as the actions of the incumbent political party, the opposition and other pressure groups, and possibly the onset of a General Election.

Furthermore, we are also struck by a growing contradiction between the march towards monetary union - however desirable it may be - and absolute inertia regarding the definition of other instruments of economic policy which would be necessary supplements to the monetary instrument in order to enable the Union to steer its economy efficiently.

I would like to take up the subject at the point where it was left by Mr Fourçans, who told us quite rightly that two of the three instruments of economic policy available to the Member States are no longer at their disposal, and indeed they do not have control over economic policy and exchange rate policy.