ENSURING THE EQUILIBRIUM OF THEIR TOTAL BALANCE OF PAYMENTS AND FOR MAINTAINING CONFIDENCE IN THEIR CURRENCY, THEIR OBLIGATION UNDER ARTICLES 105 AND 107 IS NO LESS TO COORDINATE THEIR ECONOMIC POLICIES FOR THIS PURPOSE AND TO TREAT THEIR POLICIES ON EXCHANGE AS A MATTER OF COMMON CONCERN .
15 ARTICLES 108(3 ) AND 109(3 ) CONFER POWERS OF AUTHORIZATION OR INTERVENTION ON THE COMMUNITY INSTITUTIONS WHICH WOULD BE OTIOSE IF THE MEMBER STATES WERE FREE, ON THE PRETEXT THAT THEIR ACTION RELATED ONLY TO MONETARY POLICY, UNILATERALLY TO DEROGATE FROM THEIR OBLIGATIONS UNDER THE PROVISIONS OF THE TREATY AND WITHOUT BEING SUBJECT TO CONTROL BY THE INSTITUTIONS .
16 THE SOLIDARITY WHICH IS AT THE BASIS OF THESE OBLIGATIONS AS OF THE WHOLE OF THE COMMUNITY SYSTEM IN ACCORDANCE WITH THE UNDERTAKING PROVIDED FOR IN ARTICLE 5 OF THE TREATY, IS CONTINUED FOR THE BENEFIT OF THE STATES IN THE PROCEDURE FOR MUTUAL ASSISTANCE PROVIDED FOR IN ARTICLE 108 WHERE A MEMBER STATE IS SERIOUSLY THREATENED WITH DIFFICULTIES AS REGARDS ITS BALANCE OF PAYMENTS .
17 THE EXERCISE OF RESERVED POWERS CANNOT THEREFORE PERMIT THE UNILATERAL ADOPTION OF MEASURES PROHIBITED BY THE TREATY .
18 UNDER ARTICLE 92 THE MEMBER STATES HAVE AGREED THAT ANY AID GRANTED BY THEM IN ANY FORM WHATSOEVER WHICH DISTORTS OR THREATENS TO DISTORT COMPETITION IS INCOMPATIBLE WITH THE COMMON MARKET .
19 IT CANNOT BE OTHERWISE UNDER ARTICLE 92(3)(B ) EXCEPT IN THE CASE OF A SERIOUS DISTURBANCE IN THE ECONOMY OF A MEMBER STATE AND SUBJECT TO THE CONDITIONS LAID DOWN IN ARTICLE 93, THAT IS TO SAY, AFTER A DECISION OF THE COMMISSION AND, WHERE APPROPRIATE, OF THE COUNCIL .
20 A PREFERENTIAL REDISCOUNT RATE FOR EXPORTS, GRANTED BY A STATE IN FAVOUR ONLY OF NATIONAL PRODUCTS EXPORTED AND FOR THE PURPOSE OF HELPING THEM TO COMPETE IN OTHER MEMBER STATES WITH PRODUCTS ORIGINATING IN THE LATTER, CONSTITUTES AN AID WITHIN THE MEANING OF ARTICLE 92 THE OBSERVANCE OF WHICH IT IS THE COMMISSION'S TASK TO ENSURE .
21 NEITHER THE FACT THAT THE PREFERENTIAL RATE IN QUESTION IS APPLICABLE TO ALL NATIONAL PRODUCTS EXPORTED AND ONLY TO THEM NOR THE FACT THAT IN ESTABLISHING IT THE FRENCH GOVERNMENT MAY HAVE RESOLVED TO APPROXIMATE THE RATE TO THOSE APPLIED IN THE OTHER MEMBER COUNTRIES CAN REMOVE FROM THE MEASURE IN QUESTION THE CHARACTER OF AN AID WHICH IS PROHIBITED EXCEPT IN THE CASES AND PROCEDURES PROVIDED FOR BY THE TREATY .
22 AS A RESULT PRIOR AUTHORIZATION BY THE COMMISSION WAS NECESSARY TO ESTABLISH OR RETAIN A PREFERENTIAL REDISCOUNT RATE ON EXPORTS AND BY MAKING IT SUBJECT TO APPROPRIATE CONDITIONS THE COMMISSION HAS NOT IMPINGED ON THE POWERS RESERVED TO THE MEMBER STATES .
23 THERE IS EVEN LESS GROUND FOR CHALLENGING THE NECESSITY FOR THIS AUTHORIZATION IN SO FAR AS BY ITS COMMUNICATION OF 12 JUNE 1968 THE FRENCH GOVERNMENT ITSELF APPLIED TO THE COMMISSION TO " RETAIN AND EVEN INCREASE " THE PRIVILEGED REDISCOUNT RATE FOR EXPORTS TO THE OTHER