CELEX: 51982PC0747
Language: en
Date: 1982-11-23
Title: Proposal for a COUNCIL DECISION concerning the extension of the medium-term financial assistance (submitted to the Council by the Commission)

ARCHIVES HISTORIQUES
DE LA COMMISSION
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DOCUMENTS "COM"
COM (82) 747
Vol. 1982/0228
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                 ?
                                          ,    COM(82)747 final
                                               Brussels - 23 November 1982
                               Proposal for a
                              COUNCIL DECISION
        concerning the extension of the medium-term financial assistance
                ( submitted to the Council by the Commission )--.
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 C0M(82 ) 747 final
 ---pagebreak---                        c XPLANA i 03 Y CicWOr.AiwU'i
        Article 1 of decision 71 / 143 / EEC of 22 March 1971 setting up
machinery for medium-term financial assistance which was most recently
modified by the decision 80 / 1264 / CEE of 15 December 1980 stipulates in
§ 2 that the obligation resulting from this mechanism is valid until
                                ι
31 December 1982 unless the definitive stage of the EMS which involves
the consolidation of all Community credit mechanisms is set up before
that date .
        In view of the fact that the date of transition to the definitive
stage remains uncomplete , the Commission proposes that the Council decides
at its session of 17 December 1982 to extend the validity of this mechanism
bV two years to 31 December 1984 or until the establishment of the final
phase of the EMS should that occur before that date .
                          *
 ---pagebreak---                                       Proposal for a
                                     COUNCIL DECISION
       COi .'CtRNIfvG THE EXTENSION OF THE MEDIUM-TERM FINANCIAL ASSISTANCE
The Council of the European Communities ,
iiaving regard to the treaty establishing the European Economic Community and
 in particular Articles 103 and 108 thereof ;
Having , ? gard to the proposal from.the Commission which , to this end , has
 consults the Monetary Committee ;
Whereas Council Decision 71 / 143 / EEC of 21 March 1971 , set up machinery for
medium-term financial assistance valid for an initial period of four years from
1st January 1972 ( 1 );
'whereas t h i s_ machinery was regularly renewed , and , on the last occasion , extended
for two years until 31 December 1982 by Council decision of 15 December 1980 ( 2 );
Where£% it is appropriate that the Member States' obligations remain in force
until the definitive stage of the European monetary system is established ;
HAS ADOPTED THIS DECISION          :
                                      Article 1
Council Decision 71 / 143 / EEC of 22 March 1971 concerning the setting up machinery
for medium financial assistance last modified by decision 80 /1 264 / EEC of 15
December 1980 is amended as follows :
     Paragraph 2 of Article 1 is replaced by the following text :
     " This obligation shall apply until 31 December 1984 , unless the definitive
     phase of the EMS is set up before this date ".
                                     Article 2
This decision is addressed to the Members States .
                                                           Done at Brussels ,
                                                             The Council
( 1 ) 0.J , L *'3 of 27.3.1971 . .
( 2 ) Û.J.     L 375 / 6 of 31.12.1980 .
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