This draft of such a memorandum has been prepared for Consumers International by Martin Senftleben (Professor of Intellectual Property, VU University Amsterdam, and Senior Consultant to Bird & Bird, The Hague).
The rubric accompanying Version Zero (which you can read below) states that a future face-to-face meeting to finalise the memorandum is planned but not yet scheduled. Consumers of other people's quotes -- and that includes most serious legal bloggers -- are invited to add their comments on the text below, where they will be taken into account in the development of the agreed version 1.0 of the memorandum. The draft memorandum can be downloaded as a PDF here; Professor Senftleben's commentary can be downloaded here.
This blogger is certainly in sympathy with the aims listed in the Memorandum's Preamble, though he must confess that, in his entire career as an academic, a writer, a publisher and a blogger, he has never been challenged in the use which he has made of any of quotations. It would be good to know how substantial the problem is.
Memorandum of Understanding Concerning the Interpretation of the Right of Quotation