CELEX: 31976D0324
Language: en
Date: 1976-03-15 00:00:00
Title: 76/324/EEC: Council Decision of 15 March 1976 fixing the economic policy conditions to be observed by the Italian Republic

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31976D0324

76/324/EEC: Council Decision of 15 March 1976 fixing the economic policy conditions to be observed by the Italian Republic  

Official Journal L 077 , 24/03/1976 P. 0016 - 0016

++++ ( 1 ) OJ N L 46 , 20 . 2 . 1975 , P . 1 .   ( 2 ) SEE PAGE 12 OF THIS OFFICIAL JOURNAL .   ( 3 ) OJ N L 341 , 20 . 12 . 1974 , P . 51 .   ( 4 ) OJ N L 330 , 24 . 12 . 1975 , P . 48 .  COUNCIL DECISION  OF 15 MARCH 1976  FIXING THE ECONOMIC POLICY CONDITIONS TO BE OBSERVED BY THE ITALIAN REPUBLIC   ( 76/324/EEC )  THE COUNCIL OF THE EUROPEAN COMMUNITIES ,  HAVING REGARD TO THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY ,  HAVING REGARD TO COUNCIL REGULATION ( EEC ) N 397/75 OF 17 FEBRUARY 1975 RELATING TO COMMUNITY LOANS ( 1 ) , AND IN PARTICULAR ARTICLE 3 THEREOF ,  HAVING REGARD TO THE PROPOSAL SUBMITTED BY THE COMMISSION WHICH HAS FOR THIS PURPOSE CONSULTED THE MONETARY COMMITTEE ,  WHEREAS BY DECISION 76/322/EEC ( 2 ) , THE COUNCIL AUTHORIZED THE COMMISSION TO CONCLUDE FOUR BORROWING OPERATIONS UNDER REGULATION ( EEC ) N 397/75 , THE AMOUNT OF WHICH IS INTENDED FOR LOANS GRANTED UNDER THAT DECISION TO TWO MEMBER STATES ONE OF WHICH IS THE ITALIAN REPUBLIC ;  WHEREAS IN ACCORDANCE WITH ARTICLE 3 OF REGULATION ( EEC ) N 397/75 THE LOAN TO THE ITALIAN REPUBLIC MUST BE SUBJECT TO ECONOMIC POLICY CONDITIONS PERMITTING AN IMPROVEMENT IN THE BALANCE OF PAYMENTS OF THAT MEMBER STATE ;  WHEREAS SINCE MONETARY AND BUDGETARY POLICY CANNOT ALONE ENSURE THE RETURN TO INTERNAL AND EXTERNAL EQUILIBRIUM , THESE SHOULD BE ACCOMPANIED BY A MODERATION IN THE RATE OF INCREASE OF INCOMES ;  WHEREAS THE ITALIAN AUTHORITIES HAVE DECLARED THAT THEY WILL NOT , UNILATERALLY , TAKE ANY MEASURE OF A COMMERCIAL OR FINANCIAL NATURE TO RESTRICT IMPORT OR SUBSIDIZE EXPORTS ,  HAS ADOPTED THIS DECISION :  ARTICLE 1  THE LOAN GRANTED TO THE ITALIAN REPUBLIC BY DECISION 76/322/EEC SHALL BE SUBJECT TO THE FOLLOWING CONDITIONS CONCERNING THE ECONOMIC POLICY MEASURES TO BE TAKEN BY THAT MEMBER STATE .  ARTICLE 2  1 . THE FOLLOWING CONDITIONS SHALL BE OBSERVED DURING 1976 :   ( A ) TOTAL CENTRAL GOVERNMENT EXPENDITURE MUST BE LIMITED TO LIT 39 700 000 MILLION IN THE 1976 CALENDAR YEAR ;   ( B ) THE DEFICIT ON TREASURY TRANSACTIONS , AS DEFINED IN ARTICLE 6 ( 3 ) OF DIRECTIVE 74/637/EEC ( 3 ) , MUST NOT EXCEED LIT 13 800 000 MILLION , THROUGH AN INCREASE IN TAXATION , IF NECESSARY ;   ( C ) THE FINANCING OF THE DEFICIT ON TREASURY TRANSACTIONS BY THE MONETARY AUTHORITIES MUST BE LIMITED , IF NECESSARY BY LEGISLATIVE MEANS , TO LIT 5 700 000 MILLION IN THE 1976 CALENDAR YEAR ;   ( D ) THE GROWTH IN TOTAL LENDING , AS DEFINED IN ARTICLE 6 ( 1 ) OF DIRECTIVE 74/637/EEC , MUST NOT EXCEED LIT 29 500 000 MILLION IN THE 1976 CALENDAR YEAR .  2 . THE COUNCIL , ACTING ON A PROPOSAL FROM THE COMMISSION , SHALL IN GOOD TIME FIX THE CONDITIONS TO BE OBSERVED FOR THE SUBSEQUENT YEARS OF THE LOAN PERIOD .  ARTICLE 3  THE ITALIAN GOVERNMENT SHALL MAKE ALL POSSIBLE EFFORTS TO KEEP THE RISE IN INCOMES WITHIN LIMITS COMPATIBLE WITH THE INTERNAL AND EXTERNAL EQUILIBRIUM OF THE ECONOMY .  ARTICLE 4  THE CONDITIONS FIXED IN ARTICLE 2 SHALL AMEND , TO THE EXTENT THAT THEY DIFFER FROM , THE CONDITIONS PROVIDED FOR IN DIRECTIVE 75/784/EEC ( 4 ) .  ARTICLE 5  BEFORE THE END OF APRIL 1976 INTERMEDIATE OBJECTIVES SHALL BE ESTABLISHED BY AGREEMENT BETWEEN THE ITALIAN AUTHORITIES AND THE COMMISSION IN RELATION TO THE MEASURES LAID DOWN IN ARTICLE 2 , EXCEPT FOR THAT SET OUT IN ARTICLE  2 ( 1 ) ( B ) .  ARTICLE 6  THIS DECISION IS ADDRESSED TO THE ITALIAN REPUBLIC .  DONE AT BRUSSELS , 15 MARCH 1976 .  FOR THE COUNCIL  THE PRESIDENT  R . VOUEL