Council Directive 92/122/EEC of 21 December 1992 authorizing the Hellenic Republic to defer liberalization of certain capital movements pursuant to Article 6 (2) of Directive 88/361/EEC
Date: 1992-12-21
Institutions: Council of the European Union
Subjects: European Monetary System, Greece, capital movement, economic policy, free movement of capital













EUR-Lex - 31992L0122 - EN






Avis juridique important




|



31992L0122

Council Directive 92/122/EEC of 21 December 1992 authorizing the Hellenic Republic to defer liberalization of certain capital movements pursuant to Article 6 (2) of Directive 88/361/EEC  


Official Journal L 409 , 31/12/1992 P. 0033 - 0034 





COUNCIL DIRECTIVE 92/122/EEC of 21 December 1992 authorizing the Hellenic Republic  to defer liberalization of certain capital movements pursuant to Article 6 (2) of Directive  88/361/EECTHE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article  69 thereof, Having regard to the Council Directive 88/361/EEC of 24 June 1988 for the implementation of the  provisions of Article 67 of the Treaty  (1), and in particular Article 6 (2) thereof, Having regard to the proposal form the Commission submitted following consultation with the  Monetary Committee, Whereas pursuant to Article 6 (2) of the Directive the Hellenic Republic was authorized to continue  to apply, until 31 December 1992, restrictions on the movement of capital laid down in Annex IV,  Lists III and IV, of the Directive; whereas that paragraph provides for the possibility for an  extension of this time limit, not exceeding three years; Whereas the Hellenic Republic has applied a programme of economic stabilization and reform; whereas  the process of budgetary consolidation has accelerated and it will be strengthened with the 1993  budget; whereas despite the adjustment effort which is underway, solid expectations of monetary and  exchange rate stability have not, yet, been established; whereas the maintenance of restrictions on  short-term capital, for a specified period, is necessary in order to ensure a smooth macroeconomic  adjustment and to support monetary and exchange rate policies after the entry of the drachma to the  exchange rate mechanism of the European Monetary System (EMS); whereas the Hellenic Republic has  requested an extension of the time limit set for complete liberalization of short-term capital  movement until 1 January 1995; whereas it intends, however, to proceed to the liberalization, from  1 January 1993, of some of the currently applied restrictions; Whereas the Commission has reviewed, in collaboration with the Monetary Committee, the economic and  financial developments in the Greek economy; whereas it follows from this examination that although  progress has been made in the stabilization of the economy and the situation of the balance of  payments has improved, the existing sizeable budgetary imbalances and the still high inflation  render this improvement fragile; whereas a gradual liberalization of short-term capital movements  is appropriate before a durable improvement in the stabilization of the economy can be achieved; Whereas reforms have been introduced and liberalization measures have been taken by the Greek  authorities in the financial market sector; whereas, however, the financial system is not yet  sufficiently developed to face a situation of complete mobility of capital; Whereas there are grounds, in view of the above, for extending the authorization to apply  restrictions on the movement of short-term capital; Whereas however such a derogation can in no way justify a control of capital movements under  conditions contrary to Article 8a of the Treaty, HAS ADOPTED THIS DIRECTIVE:Article 1The Hellenic Republic may temporarily  continue to apply restrictions to the capital movements listed in the Annex, subject to the  conditions and time limits laid down in that Annex.Article 2This Directive is addressed to the  Member States. Done at Brussels, 21 December 1992. For the CouncilThe PresidentD. HURD (1)  OJ No L 178, 8. 7. 1988, p. 5.